Oops!

The Minister for Finance in last December’s Budget said:

“A Cheann Comhairle, the worst is over. The international economy has exited recession. Recent indicators suggest that economic activity in this country is turning the corner, and my Department is now expecting a return to positive growth within the next six to nine months.

The effort demanded of every citizen in this Budget is substantial, but it is the last big push of this crisis. Further corrections will be needed in the coming years, but none as big as today’s.”

This “last big push” was a total ‘adjustment’ of €4 billion.  It has just being announced that the targeted ‘adjustment’ in the upcoming Budget will be of the order of €6 billion.