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Thu 07 Jul 2008Tanker-like ship of public finances heading for the rocks
Official figures understate the gravity of the deterioration in the State's budgetary position, writes DAN O'BRIEN
THE GOVERNMENT has lost control of the public finances. The implications for the economy and Ireland's relations with Europe are dire. Since it became clear that the property-fuelled boom would not end with a soft landing, the conventional wisdom has been that the Government should not curb public spending excessively, even if this means breaking EU budget rules.
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