Leading Economist says Ireland Can Get Out of This

13 September 2011 - Which Way to Pay

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Leading Economist says Ireland Can Get Out of This

Tobias Blattner, a former ECB economist, has said that regardless of the current European debt crisis, there is still hope for the economy in Ireland. He commented that ‘the markets are showing increasing confidence in Ireland because they’re achieving the targets set out in their austerity programme.’ Blattner said that there is hope for the Irish economy given that economic growth continues to rise, which is largely reliant on exports increasing.

Currently working for Daiwa Capital Markets, Blattner state that our economy is ‘very export dependent’, which makes the domestic economy especially threatened by a possible global recession, this ‘might reduce tax revenues and make it more difficult for Ireland to meet its targets.’

Speak to NewsTalk, Blattner’s comments come as Ireland emerges as viable amongst other eurozone countries in debt trouble, such as Greece, who’s future he was not overly optimistic over. ‘It’s only a matter of time before Greece have to restructure,’ he commented, ‘there needs to be haircuts of around 50%.’ Blattner also said that EU leaders need to have the courage to admit this and get the changes rolling, the sooner the better.

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