Ireland unveiled the harshest budget measures in its history Wednesday, a four-year plan to slash deficits by €15 billion ($20 billion) so it can receive a massive bailout from the European Union and the International Monetary Fund.
The austerity plan axes thousands of state jobs, trims welfare benefits and pensions, and imposes new taxes on property and water. In all, it seeks to cut €10 billion ($13.3 billion) from spending and raise €5 billion ($6.7 billion) in extra taxes from 2011 to 2014.
Even Prime Minister Brian Cowen conceded the plan would hurt the living standard of everyone in the nation.'
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