Another day older and deeper in debt

IN explaining the wide-ranging cuts outlined in his Bord Snip report, Colm McCarthy stressed that the country was borrowing €400m a week.

That is €20bn a year, or as one article recently claimed, €1,800 a second. Unless the Government makes severe cutbacks across all sectors and services, the country could face bankruptcy if international investors refuse us credit in the coming months.

The McCarthy report brought home the sheer scale of the problem we face and also how dependent we are on the international community’s support.