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Prime Minister Ireland, Brian Cowen, announces an austerity plan required for the European Union and the bailout by the IMF.

The Irish people will begin to feel pain when arrives 40pc - or €6bn - of the equipped with € in spending cuts and broadcasts € in next year's tax increases.

Effect measures - such as the precondition for a EU - IMF - rescue plan translates the average Irish households will have to pay additional fees of ￡ 3,000.

Finance Minister Brian Lenihan said that strict measures took place in the context of a slow economic recovery, with the Government in anticipation of that the economy will grow by an average of 2 75pc in the years from 2011 to 2014.

However, the financial markets have doubts on its yields on 10-year-old Irish Government bonds enlargement.

"It seems that realistic for me," said Stephen Lewis, Chief Economist at the monument of securities."Seems to anticipate strict fiscal measures and expect even the economy to grow in this contexte.Qui seems very unlikely."

James Nixon, Chief European Economist at general society, said: "is an extraordinarily austere budget, reductions are deep and needless mal.La main thing that stands out is that they expect even the economy will increase by 2 7pc over the next four years, but it is difficult to see how this may be true."

Irish households are faced with a new tax property ￡ 257 from 2012.Le plan described 24,750 public sector job cuts, a reduction of $ 2 social protection expenditure 8bn and intends to raise a. 1 €9bn additional income tax.

The minimum wage will be reduced from €1 €7.65 than a hour with VAT cut will be triggered 21pc 23pc in 2013, with a further increase of 24pc in 2014.

Unemployment is expected to decrease from 13 5pc to below 10pc during four years.

The Government continues to speak to the EU and the IMF on a bailout, package should be valued at approximately €85bn.

It wanted the Irish Government find a value savings of ￡ emissions of next year.

EU officials and the IMF will be police plan Ireland warned that if targets are not met, then it will refuse loans in the euro area, for a total of ￡ 72bn over three years to increases in tax and spending cuts are intensified.

There is more bad news for the Ireland this morning after standard & Poor cut its debt rating of two points of contagion threatens to spread through the rest of the euro area.

Middle class Irish families faced with the loss of low paid workers for a total of 50 per cent of the workforce, and tax credits will begin to pay taxes for the first time.

The current level of entry to the income tax is ￡ 15,506 for a single person and ￡ 27,071 for a married couple with children, thresholds to increase during the next four years.

"It seems that accounts arrived," said David Begg, head of the Irish Congress of Trade Unions. ""The barbarians are at the gates."

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