Extra borrowing to make up shortfall is not an option

The government’s financial position worsened to the tune of €7 billion between 2006 and 2008.

21st June, 2008

The government’s financial position worsened to the tune of €7 billion between 2006 and 2008.

The dimensions of the fiscal adjustment facing the government in next year’s budget are becoming clearer. The deterioration in the public finance position began to emerge last year, and there has been a further weakening during the first half of this year.

At this stage, it appears that the government’s overall position, as measured by the borrowing requirement,...

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