November 29, 2010 / 1:15 PM / in 7 years

Irish memorandum may be published on budget day

DUBLIN, Nov 29 (Reuters) - The memorandum of understanding setting out the targets Ireland must meet under its 85 billion euro emergency loan package is expected to be published on Dec. 6 or 7, an Irish finance ministry spokesman said on Monday.

The package agreed with the IMF and European Union on Sunday is designed to recapitalise the country’s banks as well as fund its large government deficit and the memorandum will set a timetable of quarterly targets that must be met.

Ireland intends to address the deficit sharply by announcing spending cuts and tax hikes totalling 6 billion euros for next year’s budget on Dec.7, potentially the same day the memorandum will be published.

Reporting by Padraic Halpin; Editing by Toby Chopra

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