Inadequate national infrastructure has multiple sources, including the halving of the state capital programme in the Troika years following the collapse of the public finances in 2010. A restored capital budget in recent years has been insufficient to catch up and there are limits to the affordability of a further expansion. The state balance sheet, with €220 billion in gross outstanding debt, retains first call on whatever annual surpluses are recorded and capacity constraints in construction are already emerging. Once the general election is out of the way, the next government needs to consider whether infrastructure constraints can be eased…

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