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European Union

While the texts produced by the Irish Government and the ECB/IMF/EU following the latter's review of Ireland's progress in implementing the Bailout agreement contained little information on changes or adjustments to the agreement, the latter's statement contained one blatent claim that seriously insults Ireland's poorest and most vulnerable people. 

This is the information supplied by the Irish Government on the revisions to the EU/IMF Bailout negotiated at the end of the second quarter of this Bailout. It was supplied on April 15, 2011.

EU/IMF Programme of Financial Support for Ireland 

The following is the full text of the statement by the ECB/IMF/EU team on completing their review of Ireland's Bailout. The statement was issued on April 15, 2011.

The recent spring European Council (i.e. heads of Government in the EU) gave the final go-ahead for a comprehensive package of measures to preserve the financial stability of the eurozone and to strengthen economic governance. Both of these initiatives have implications for Ireland and raise serious questions concerning the real commitments of the European Council and the EU generally to proceed in a balanced and inclusive manner.

Ireland is in the midst of an unprecedented economic crisis. It is also in the midst of a serious governance 
crisis. Confidence in the governance structures of the country has been undermined. 
Trust in the regulatory system, the political system and public administration has been damaged severely. 
There is widespread public anger at these failures.
 
Ireland’s international reputation has also been damaged. This is a matter of grave concern, and should be 
The political and social achievements of Europe are under threat. Public over 
indebtedness, particularly in a context of crisis, exposes states to pressures to cut back 
investment in the field of social protection, access to health-care, education and housing. 
This reduces their ability to take action against inequalities and discrimination. The 
disappearance of jobs as a result of company relocations and technological change in the 
Fiscal Measures in the Programme 
 
Taxation 
 
Lowering of personal income tax bands and credits or equivalent measures 
A reduction in pension tax relief and pension related deductions 
A reduction in general tax expenditures 
Excise and other tax increases 
A reduction in private pension tax reliefs 
A reduction in general tax expenditures 
Site Valuation Tax to fund local services 
A reform of capital gains tax and acquisitions tax 

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