Irish Finance Minister Brian Lenihan warned earlier this week that public expenditure would soon have to be financed through unacceptable levels of borrowing and hinted that further rises in tax may be on the cards if the public finances do not improve soon.
Speaking to RTE radio on Sunday he said that the government would be undertaking an examination of public expenditure this week. The Finance Minister revealed that 10% percent of public expenditure is currently borrowed and any increase above this would be "unsustainable".
Lenihan said he was not ruling out further tax measures to alleviate the deficit and said he was awaiting a report set to be published by the tax commission which will look at how the income tax system could be reformed.
The Finance Minister also disclosed that the government is considering the use of public funds to invest in Irish banks, but only as a last resort.
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