Ministers have agreed to come up with savings across all Government Departments by September.
The comprehensive spending review will see all capital projects being re-examined.
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Projects deemed to be luxuries will be scrapped, state agencies could face the chop or amalgamation, while administrative and back-office functions will have to be rationalised and shared.
Minister for Public Expenditure and Reform, Brendan Howlin says people are well aware that the country is in a deep hole:
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