The European Debt War Continues To Burn &Nbsp; &Nbsp; Depression Is Enveloped In Ireland.

EU finance ministers formally approve

Lenihan announced the "fiscal tightening plan for 2011" on the same day. According to the plan, the Irish government has promised to cut its fiscal deficit by 6 billion in 2011 by cutting public spending and increasing taxes, of which 4 billion euros comes from compressed expenditure and 2 billion euros comes from raising taxes.

In the next 4 years, the total fiscal tightening will reach 15 billion euros.

Lenihan said Ireland had no choice but to slash spending and raise taxes.

However, the government's measures to stabilize public finances have already achieved results. It is estimated that the average economic growth rate in Ireland from 2011 to 2014 will be around 2.75%.

The Irish government has been criticized for its austerity measures. The Irish opposition party had earlier criticized the government for accepting financial aid as a "betrayal".

When Mr Le Ni Han announced the budget, protesters gathered outside the Irish Parliament. Many protesters directed against their own banking industry and asked the government to restructure their debts.

Some analysts say that accepting aid will lose Ireland's economic sovereignty, which further aggravate public resentment, debt crisis or political instability in Ireland.

It is reported that the Irish parliament voted for the government's austerity plan on the same day, and it passed the austerity plan by a margin of 5 votes, but this Parliament passed only part of the tax increase in the austerity plan.

Before February 2011, the austerity plan will face several tests of Parliament.

The International Monetary Fund (IMF) welcomed the first round of voting for Ireland's austerity plan. IMF is scheduled to vote on Friday's approval of emergency aid to Ireland.

Lenihan said yesterday that Ireland would not default on its debt and would not rule out Ireland's return to the international bond market in 2011.

European debt problem is chaotic.

In addition to Ireland, the Hungarian Parliament also approved the 2011 budget, and the Hungarian government will try to reduce the budget deficit to GDP ratio to 2.94%.

Moodie and other three major rating agencies warned 7 days that if the United States could not control its huge debt scale, it would have a negative impact on its sovereign debt rating in the long run.

Meanwhile, US President Obama announced an agreement with the Republican Party to extend the tax cuts to effectively boost market sentiment, but investors remained alert to the European debt crisis. Yesterday, the European stock market opened slightly, and the euro fell to 1.3200 against the US dollar.

As the leader of the European economy, the German economy is also deeply affected by the debt crisis.

Data released by the German Federal Statistical Office yesterday showed that German exports decreased by 1.1% to 83 billion 300 million euros in October after the quarter adjustment.

The demand for imports in the eurozone continued to decline as the debt crisis intensified.

Kahn, President of IMF, said yesterday that Europe was "disorganized" in managing the risk of debt crisis, and needed to concentrate on resolving the risk of debt crisis in all directions.

It is reported that Kahn has not yet convinced euro zone finance ministers to increase the size of the aid fund and the ECB's efforts to increase bond purchases.