Minister for Finance Michael Noonan does not face an easy task on budget day. It is no exaggeration to say that the €1 billion or so savings from the promissory note, which will benefit the 2014 budget, have been spent a few times over already. The difficulty is, of course, that a country borrowing €1 billion a month and hoping to return to normal borrowing on the markets only has very limited scope in the...
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