The Irish Government came out with the tax returns for January and claimed that it was up. This meant that the deficit (jan) from last year was €483.2mln and is now down to €393.7mln. Sounds good.

But what they didn’t say is they delayed the corporation tax payments from December2011  to January. This meant approx $250million extra being slipped in to massage the figures.

When you take this extra €250 mln off (that shouldn’t be there), the budget deficit actually widened to €643.7mln.

SO MUCH FOR AUSTERITY 😉

Calculations from Constantin Gurdgiev.

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