Ireland Faces More Layoffs, Higher Taxes With Latest Austerity Measures

It's shaping up to be a pretty low-key Christmas in Ireland this year - again.

The lavish office holiday parties, all the rage during the days of the Celtic tiger, have long been out of fashion. This holiday season is a time of layoffs, budget cuts and a sales tax increase.

The Irish government this week announced another round of austerity measures aimed at sustaining the country's slow recovery that required an $85 billion bailout from its euro zone partners last year.

Public spending will be cut by billions of Euros, public sector workers will see layoffs and everybody will have to pay more in sales taxes.