IRELAND’S €201BN MOUNTAIN OF DEBT Ozzy to kick off farewell tour in Dublin
»»Annual interest bill cost the State €5.8bn »»Alert over high risk of ‘economic shock’
Osbourne ROCK star Ozzy Osbourne has announced shows in Ireland as part of his final world tour.
The former Black Sabbath frontman, 69, will kick off the European leg of his No More Tours 2 in Dublin on January 30.
Osbourne said: “I’ve been extremely blessed to have had two successful music careers.
“I’m looking at this final tour as being a huge celebration for my fans and anyone who has enjoyed my music over the past five decades.”
He will be joined by heavy metal band giants Judas Priest as support.
His own band will consist of guitarist Zakk Wylde, bassist Blasko, drummer Tommy Cluefetos and keyboardist Adam Wakeman.
Madonna with David in Gucci gear IRELAND is the third most indebted country in the developed world – owing €201billion, it emerged yesterday.
This equates to every man, woman and child in the state owing €42,000.
Much of the total debt is down to saving the banks, which ironically have been given a 20-year corporate tax holiday so don’t have to help pay the cash borrowed by the State on their behalf in that time period.
Despite warnings about the debt overhang, Finance Minister Paschal Donohoe said the budget deficit will increase in the coming years.
The Department of Finance’s annual report on Public Debt, which was published yesterday, found the annual interest bill amounts to €5.8billion which equates to €1 of every €13 spent by the State going on these payments.
The report showed this country is in a much worse position than similar EU countries.
It said 13 of the 28 member states have budget surpluses, including most of the other small economies such as Denmark, the Netherlands, Sweden and the Czech Republic.
The Department of Finance has warned the Government that continuing to run a budget deficit “increases the vulnerability of the public finances to an economic shock”.
But the Irish Government plans to run a deficit of 0.3% of GDP (the value of the goods and services produced in the economy) this year and the plan is to borrow again next year.
Mr Donohoe told Today With Sean O’rourke that with Brexit looming the State would need to be more careful on spending.
He added next year there would be an extra spend of €1.5billion on areas such as hospitals and schools.
The minister said: “We are making solid progress in getting people back to work – employment levels are now at their highest ever – and we are implementing policies that deliver steady, sustainable improvements in living standards.
“However, at over €200billion at the end of last year, it is crucial we continue to stabilise the level of debt in Ireland and, subsequently, put it on a downward trajectory. This has been and will continue to be a key priority for Government.
“By reducing the burden of debt we will minimise the exposure of, and risks to, the economy.” Mr Donohue
We are making solid progress in getting people back to work
PASCHAL DONOHOE
DUBLIN YESTERDAY