Most international commentators seem to be focusing on the expenditure side of the Exchequer Accounts while ignoring the revenue side.
Exchequer expenditure is down on last year, following the reductions announced in the April and December Budgets. The problem is that tax revenue has fallen by even more. External commentators seem to have the mistaken belief that we have a stable base for our tax system. As we know this is not the case.
We may be able to offer lessons on spending cuts, but an inadequate tax system means our overall Exchequer position is deteriorating. As Dewdrop states our Current Budget Deficit is €1 billion or about 40% worse than it was last year.
Exchequer Balance stops getting worse
Fall in Tax Revenue eases slightly
Ireland and Greece: Spot the Difference