The Irish government has detailed what’s being called the harshest budget cuts on record to secure a bailout of Ireland’s banking sector from the European Union and International Monetary Fund. The over $8 billion in cuts over the next four years include deep reductions to child benefits and public sector pensions. Irish Finance Minister Brian Lenihan said the austerity measures were necessary to rescue Ireland’s banks.

Irish Finance Minister Brian Lenihan: “The answer is we need their support to break the vicious cycle that has threatened our national finances and our banking system since the second quarter of this year. Following the Greek crisis this spring, funding for the state and for our banks became increasingly expensive. The rising costs of dealing with the banks that became evident during the autumn and the growing concerns about the prospects for the global economy reinforced doubts among international investors about the sustainability of our finances and our capacity to repair the financial system unaided.”

The austerity measures are expected to receive enough backing in the Irish parliament. Gerry Adams of the Sinn Féin Party said his bloc would vote against the plan.

Gerry Adams: “Sinn Féin TDs (MPs) will be voting against this budget. It’s obscene that the government, in order to defund the digout from the IMF and the E.U., is going to visit savage cuts upon the most vulnerable people here.”

Tens of thousands of Irish citizens have taken part in demonstrations against the austerity measures. On Tuesday, a crowd of several hundred gathered outside the Irish parliament.

Protester: “Fight this government against the lowest paid. They are cutting only the lowest of the lowest paid. They are scum dogs. They are cheats. They are cheats. Brian Lenihan, the worst finance minister in the whole of Europe.”