Reports this week have suggested that the Irish government will be forced to return to borrowing in order to finance expenditure for the first time since 1997.
Speaking prior to the publication of Exchequer figures earlier this week, Finance Minister, Charlie McCreevy warned that the figures to the end of September were likely to be worse than predictions contained in a memo leaked to the public in June of this year. The Department of Finance later confirmed that government spending will need to be bolstered by 750 million borrowed euros.
However, Mr McCreevy has hotly denied that he was aware of the severity of the country's economic woes prior to the May elections in which the FF/PD coalition was returned to power.
Speaking on RTE Radio yesterday, Minister for the Environment and Local Government, Martin Cullen, confirmed this to be the case, and defended his Cabinet colleague against accusations that he had 'conned' the electorate.
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