Balance sheet shows smaller deficit

DESPITE the country’s debt growing by a staggering €40,000 a minute the country’s balance sheet has been left with a smaller deficit in the first four months of this year compared with the same period in 2009.

Despite tax revenues dropping by a tenth, as the Government pumps money into financial institutions, the economy is said to have reached a “turning point” with the national debt building up at a slower rate than it did last year.

Following December’s harsh budget measures, the latest Exchequer returns show the deficit was €6.9 billion until the end of April compared with €7.3bn at the same time last year.