Ireland's 2011 Budget Met With Approval

Ireland's (NYSE: IRE) parliament has approved its 2011 budget that meets International Monetary Fund (IMF) and European Union (EU) requirements. By meeting the requirements, Ireland secures an 85 billion Euro bailout.

An AFP article reports the IMF released a statement saying, "We welcome approval of the 2011 budget... This is a clear sign of Ireland's strong commitment to tackle its problems and harness the impressive growth potential of this open and dynamic economy."

This approval comes after Ireland announced it will cut 6 billion Euros from its expenditure next year through tax hikes and spending cuts.