Ireland needs brutal budget cuts to slash deficit: analysts

Ireland, facing a record public deficit, needs to wield the axe this year to reassure financial markets and brush off speculation that the eurozone member could seek outside help, analysts said. The Irish government, led by unpopular Prime Minister Brian Cowen, wants to slash the deficit from a staggering 32 percent of gross domestic product this year to below the EU limit of 3.0 percent by 2014. Duration: 00:52.