McCreevy likely to borrow €3 billion

FINANCE Minister Charlie McCreevy will borrow at least €3bn next year economists predict. Such borrowing will take some of the pressure off the Draconian cutbacks announced in the estimates.

As a result of plunging the country into debt for the first time in many years the minister could treble current spending to 9% against the 3% detailed in his controversial estimates package.

Chief economist of Friends First, Jim Power, says the estimates were the worst case scenario set out by the minister last week. But he doubts the minister will stick to the shockingly low levels of spending indicated in the estimates which were worst than most economists said were necessary.