Sunday 19 November 2017

Ireland 'has shown the way' in tackling economic crisis, says global investor

Mark Mobius: oversees about $50bn (€39bn) in emerging and frontier market funds for Franklin Templeton
Mark Mobius: oversees about $50bn (€39bn) in emerging and frontier market funds for Franklin Templeton
John Mulligan

John Mulligan

Legendary global investor Mark Mobius says Ireland "has shown the way" in tackling its economic crisis.

Mr Mobius, who is highly esteemed in the international investment community, said the country had been "willing to take a bit of medicine" and that it would emerge from the crisis faster than other distressed nations.

"The Irish were able to take a bit of medicine, and the proof will be in the pudding, but I think they will come out of this a lot faster and a lot better at the end of the day as a result," said Mr Mobius during an interview with the Irish Independent.

He is the executive chairman of the Templeton Emerging Markets group and oversees about $50bn (€40bn) in assets.


"The Greeks have been hoodwinked by their politicians for so long ... but Irish politicians seem to have said, look these are the mistakes we've made, now let's get on with it," he added.

Mr Mobius also said that he believed Greece -- where pro-bailout parties yesterday formed a new coalition government following last Sunday's general election, will remain in the eurozone. "I'm pretty optimistic, but I'm a lone voice in the wilderness. I've always felt that Greece will stay in and I believe Europe is going to be in good shape."

He has recently warned that Ireland, Greece, Spain and Portugal risked being classed as emerging rather than developed markets if any of them were to exit the euro and per capita income fell considerably.

He accepted that change wouldn't necessarily come quickly in Europe, but that at least the problems were being addressed.

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