Ireland set to lead recovery from debt turmoil -- Wilbur Ross
Published 31/08/2011 | 05:00
IRELAND'S aggressive efforts to cut spending will make it the first European nation to recover from the sovereign-debt crisis, according to billionaire investor Wilbur Ross.
"Ireland will be the first of the euro countries to recover because they really bit the bullet," Mr Ross, chairman of WL Ross, said. "Once they get through all that, the fundamental advantages of Ireland are intact."
Mr Ross, whose firm manages about $10bn (€6.9bn) in assets, joined four other investors in agreeing to buy a 34.9pc stake in Bank of Ireland.
Ireland's advantages include the lowest corporate tax rate in Europe, a young and well-educated workforce and a solid communications infrastructure, Mr Ross said.
"Ireland will once again become the Celtic Tiger," he added.