Alan McQuaid: Better late than never to admit austerity was wrong
Ashoka Mody, former IMF chief of Mission to Ireland, has admitted that austerity alone as a way of solving the country’s economic crisis was a mistake and is counter-productive.
Better late than never, to admit you got it wrong, but the damage has already been done. One didn’t have to be a genius, or even a humble economist, to figure out that endless austerity was not going to generate economic growth, and create the much needed jobs to tackle the huge problem of unemployment, not just in Ireland, but in the Eurozone as a whole.
One just has to look at the current unemployment rates for Euroland’s high debtors (26.4pc in Greece; 26.3pc in Spain; 17.5pc in Portugal and 14pc in Ireland).