A senior official with the International Monetary Fund who helped negotiate Ireland’s bailout in November 2010 has admitted the troika of international lenders botched the €67.5bn programme by focusing almost exclusively on austerity.
Ashoka Mody, the IMF’s former mission chief to Ireland, said on Thursday it was time to ease up on Europe’s policy of austerity, warning further delay in changing course risked dragging out the continent’s economic recovery.
“We are seeing a belated recognition of the fact that the constraint imposed by only [having] austerity was untenable,” he told Irish radio in an interview.
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