Tuesday 21 February 2017

Brendan Keenan: Despite all the promises it's 'as we were' for next two years

Published 07/03/2011 | 05:00

IN the 64 pages of the Fine Gael/ Labour Programme for Government, there appears to be about two which actually deal with the public finance crisis. This is, to put it mildly, odd.

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I am not counting the pages on the banking crisis. That is a separate crisis. But it is very convenient for the new coalition parties to adopt the popular view that the banking crisis is the cause of the budget crisis, and its main component.

The document says the fiscal position would be "entirely manageable" were it not for the huge sums going into the banks. It is a phrase borrowed from Central Bank governor Patrick Honohan, but it is not what Dr Honohan meant.

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