McCreevy could now borrow €3 billion

CHARLIE McCreevy could borrow up to €3 billion without the threat of fines or sanctions under the defunct EU Growth and Stability Pact.

Following censure from the EU a couple of years ago over the running of the economy, there appears to be nothing to stop the minister for finance borrowing heavily following after yesterday’s vote to effectively make it redundant by allowing France and Germany to run large deficits .

However, economists said that it was unlikely he would go back on his word not to increase borrowing.