The sheer size of our €15bn deficit means nothing is safe

THE sheer size of the €15 billion black hole punched through Ireland’s finances means no one will be safe on budget day.

Next Tuesday’s emergency economic statement was given an even greater sense of foreboding last night with the release of Exchequer estimates showing the national deficit soaring.

The Finance Department’s pre-budget document makes grim reading and predicts the already massive €11.5bn deficit for this year will mushroom to €14.8bn in 2009 unless Mr Lenihan wields the axe like a manic lumberjack.