Europe

Irish deficit rises by 8bn euros

The latest exchequer figures from Ireland's Department of Finance show a 21.4bn euros deficit for the 11 months to the end of November.

That compares to a deficit of 13.35bn euros in the same period in 2010.

The 8bn euro increase is attributed to 3.1bn euros paid out in promissary note payments and over 7.5bn euros for the recapitalisation of the banks in July.

Tax revenues are now 520m euros or 1.6% below target with corporation tax off target by 6.3% (236m euros).

Income tax is 2.1% (272m euros) below target.

The Irish Government plans 3.8bn euros in cuts and tax increases in next week's budget.

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