Ireland’s debt is sustainable if “the economy grows as forecast,” the Sunday Independent cited Alan Ahearne, who was an economic adviser to former Irish Finance Minister Brian Lenihan, as saying in an interview.
Alan Ahearne, an adviser to Irish Finance Minister Brian Lenihan, disputed a “terrible” estimate that loans to be bought by the government’s so- called bad bank are worth a third of their original value, defending a plan to salvage the banking system.
U.S. billionaire Wilbur Ross reaped a 105 million-euro ($138 million) gain in five months after buying a stake in Bank of Ireland Plc, the nation’s largest lender, amid one of the costliest banking crises in history.
Ireland’s National Asset Management Agency is turning debtors into landlords as it seeks to recoup the 32 billion euros ($42 billion) it paid for commercial mortgages after the real-estate market collapsed.
Spain’s surging borrowing costs suggest the nation is hurtling toward a full sovereign bailout as the same aid policies that doomed Ireland to pariah status on the capital markets are repeated in southern Europe.