International Reactions to Budget 2010

Confidence is key to restoring economic growth. The best way to inspire confidence in consumers, in investors, and in the international markets who lend us money, is to show that we can take the necessary steps to get ourselves in order.

That is why we committed to reducing the deficit by €4 billion in Budget 2010. Here are some international reactions to the measures announced on Wednesday:

"Ireland shows the rest of Europe what austerity really means" – The Economist

"Economists were encouraged that the government had made good on cuts that it must make to halt the growth of its deficit" – Reuters

"Irish show the way on spending cuts" – Daily Telegraph

"Tough 2010 Irish budget unveiled" – BBC News

"Ireland cuts spending to contain deficit, restore confidence" – Bloomberg

Irish Budget "to tame debt" – Wall Street Journal

"...The budget gave the government an opportunity to reassure international investors that Ireland, unlike some other EU countries, is serious about controlling its budget deficit and public-debt burden. Mr Lenihan has done this with the toughest budget in his country’s history." – The Economist

"The economy has shrunk by 10.5% from its peak early in 2007, more than double the eurozone's decline...the euro is strong and Ireland has priced itself out of the market thanks to high wages, Minister For Finance, Brian Lenihan has acknowledged" - Financial Times 

"The spending plan, 60 billion euros or about $88 billion, cuts 4 billion euros from the country’s ballooning deficit...Economists applauded the move, saying that Ireland — unlike other crisis-stricken European countries, most notably Greece and Spain — was showing courage in trying to rein in its deficit". - New York Times

"...welcomed the strong restatement of the Government's commitment to the 12.5% corporate tax rate, saying it was ‘an important tool in Ireland's competitive armoury". - American Chamber of Commerce Ireland

Read more about Budget 2010 here.