Belfast Telegraph

Thursday 31 July 2014

Republic needs break over its debts, says guru

Nobel prize-winning economist Professor Joseph Stiglitz called for the Republic to be given a break on its crippling bank debts and said it was "very wrong" that they had been "forced" on the country in the first place.

His comments came after a Dublin speech where he railed against the EU's austerity drive.

Ireland has been battling for a reprieve on the way it financed Anglo Irish Bank's €30bn (£24bn) rescue and close to €30bn more it bumped into three other institutions.

"I think one way or another you [Ireland] should be helped," Prof Stiglitz said.

"It was wrong, very wrong, for them [the international authorities] to have forced you to take that debt."

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