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Fri 07 Jul 2009Current rate of borrowing - €400m a week - 'cannot go on'
ECONOMIST COLM McCarthy, architect of the “Bord Snip Nua” proposals, presented the measures as a central strand of the Government’s four-year plan to rebalance the public finances and reduce the requirement to borrow €400 million a week to run the State.
Arguing that the Government was paying the penalty interest rates on its borrowings – in excess of two percentage points above the rate Germany pays for equivalent 10-year loans – he said the current dependence on international capital markets “can’t go on”.
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