Sign up to The Irish Times Archive (1859 - 2008)My Account »

THE SCALE of the financial crisis facing the country will become clear today with the publication of the exchequer returns, which are expected to show a dramatic shortfall of at least €1.5 billion in tax revenues for the first half of the year.

The Cabinet discussed the rapidly deteriorating financial situation yesterday, but final decisions on the strategy to deal with the issue will not be taken until next week's Cabinet meeting after Ministers have considered the official figures. The Taoiseach, Brian Cowen, confirmed in the Dáil yesterday that tax revenues for the first six months were down but he said exact figures would not be available until today. He added that the Minister for Finance Brian Lenihan had briefed the Government in general terms about the figures and would be issuing a statement after their publication.