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Irish authorities forced to redraft budget

The Irish authorities are today staring at a redraft of the country's budget amid signs that the banking sector will need more capital over the next few months. Despite the fact that the Irish authorities have already introduced major austerity measures in the light of the economic collapse over the last two years it seems that more cutbacks will be required and there is concern as to whether the authorities can push through enough cost savings.

Debt markets have pushed the cost of Irish sovereign finance to a record high over the last few days despite the fact that a number of prominent economic parties have stepped forward to suggest that the Irish economy will not need an international bailout. As we have mentioned on numerous occasions, it seems as though the "tail is wagging the dog" with investors in many ways ignoring comments from the authorities, the EU and the IMF and seemingly determined to push the Irish economy over the edge.

It is noticeable that over the last two days the Irish government has used alarmist phrases to focus the mind of investors confirming that a collapse of Anglo Irish bank would put the Irish financial sector on the edge and potentially push the economy into a new recession.

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