10,000 March In Dublin Against Next Irish Budget
Ireland faced the risk of national bankruptcy in 2010 when it was forced to negotiate an international bailout. The last of the â¿¬67.5 billion borrowed from European Union partners and the International Monetary Fund is scheduled to be spent next year, by which time Ireland is supposed to be borrowing normally again on bond markets. It has begun to dip its toe back into those markets since the summer.
While many on Saturday's march called for sterner action such as national strikes, labor leaders here have sought instead to negotiate with the government in hopes of minimizing job losses and pay cuts.
That tension between a radical grassroots and cautious leadership was obvious as union leaders tried to speak from a makeshift stage in front of Dublin's colonnaded General Post Office, but were interrupted by hecklers chanting "Strike!"
"We need to play our part in the growing movement of resistance across Europe," said Richard Boyd Barrett, a member of Irish parliament from a small socialist pressure group called People Before Profit. "And we have to bring this government down if they continue with this disastrous policy of austerity."The government is trying to get Ireland's deficit back to 3 percent of economic output â¿¿ the supposed limit for eurozone members â¿¿ by 2015. Its deficit last year exceeded 10 percent, but this year is forecast to fall to nearer 8 percent. Cuts and tax hikes already have reduced people's average net pay by around 15 percent from the Celtic Tiger boom days, and new annual taxes on homes and water are supposed to come in 2013. Unemployment sits near a 17-year high of 14.8 percent, a figure that would be far worse were it not for Ireland's tradition of emigrating worldwide for jobs. Ireland is hoping for 2013 economic growth of 1.5 percent driven by the exports of the nearly 1,000 foreign multinationals based here producing goods and services, chiefly in computer and health technologies.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts