billion euro austerity package Wednesday required to unlock an international bailout, slashing public sector pay and pensions but refusing to raise corporation tax. With the eyes of Europe on him, Prime Minister Brian Cowen said his four-year package of cuts and tax increases would restore shattered confidence in the debt-ridden nation, calling it a signpost on the road to recovery. “We can and we will pull through this as we have in the past,” Cowen said. “We are a smart, resilient, proud people and we are going to come through this challenge because we love our country.” The plan, to be followed by a budget on December 7, is an essential step towards Ireland receiving a bailout of up to 85 billion euros ($114 billion) from the European Union and the International Monetary Fund. The aim is to slash the public deficit to below three percent of gross domestic product, in line with EU rules. – Agence France
