Austerity could be ‘self-defeating’ for Ireland

A former IMF official said in July 2013 that Ireland needs to move away from austerity measures if the country's economy is to grow. The Irish government considered making a further €3.1bn budget cut.

The cuts are required under the terms of the €85bn bailout Ireland received in 2010.
Ashoka Mody, one of the architects of the bailout, said there was 'not one historical incidence' where austerity policies have led a country to get out from under a heavy debt burden.

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