STOCK MARKET WATCH -- Tuesday, 29 May 2012

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35. Government 'lying' over treaty {ireland}

http://www.irishtimes.com/newspaper/breaking/2012/0529/breaking27.html

?ts=1338296429
ULA finance spokesman Richard Boyd Barrett .

The Government has been accused of lying through its teeth over the state of the country’s finances ahead of the fiscal treaty referendum with the United Left Alliance (ULA) saying the State’s deficit could fall to €3.1 billion next year if bank debts are not paid.

Speaking in Dublin today, ULA finance spokesman Richard Boyd Barrett said the Government’s own deficit figure of €18 billion includes re-payment of bank debt and other interest on debt.

“Obviously, if the EU cut off funding to us we would not be making those re-payments and the actual gap between income and expenditure would then only be €3.1 billion,” he said.

“This is a gap that could easily be filled and more by increasing income tax on those earning over €150,000 per year and by imposing a modest wealth tax on the wealth and assets of the wealthiest 5 per cent of the population.”