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Ireland Releases Budget Plan to Reduce Deficit

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Ireland has released a new budget plan, designed to save the country billions of dollars over the next four years. Details of the plan come days after the country applied for a multi-billion dollar rescue loan from the European Union and the International Monetary Fund.

Speaking on BBC News, Finance Minister Brian Lenihan said the plan would "plot a course to sound, sustainable growth in the four years ahead of us." According to The Associated Press, the $20 billion plan to cut the nation's deficit includes layoffs, new taxes, and reductions to welfare benefits and the minimum wage.

Final details of the EU/IMF loan are still being worked out. According to The AP, its final sum is expected to reach $115 billion.