Lorcan O’Connor (right) and Alan Shatter.

€125.97 a month for socialising.

Their shirts cost more.

From the Financial Times:

“On Thursday Ireland’s Insolvency Service set out monthly spending limits for people seeking debt deals from their creditors, highlighting the impact austerity is having on Irish spending habits. A single person will be allowed just €247.04 a month for food, €57.31 for heating and €125.97 for “social inclusion and participation”, an expenses category that includes tickets for sporting events and the cinema.”

“A reasonable standard of living does not mean a person should live at luxury level, said Lorcan O’Connor, director of the newly established Insolvency Service of Ireland (with Justice Minister Alan Shatter above). “But nor does it mean that people should be punished and live only at subsistence level.”

“In most cases, people seeking debt deals will also have to give up private health insurance and their cars, although they will be able to keep their vehicles if they do not have access to public transportion.”

…

“Under Engish insolvency law, which is less proscriptive than Ireland’s new guidelines, “reasonable” day-to-day expenses for bankrupts include holidays, mobile phones and video rentals. While gym memberships, private health care, gambling, cigarettes and alcohol are considered unreasonable, English debtors do not face monthly cash limits.”

Ireland picks through debtors’ lifestyles (Jamie Smyth, Financial Times via CNN)

Previously: It’s Like Getting A Divorce In The 1980s

Pic: Breaking News