Irish Can Grow Out of Debt Problems, Goldman’s O’Neill Says

Ireland may have the strongest growth potential in the euro area in the medium-term, giving it the potential to grow out of its debt problems, Jim O’Neill, chairman of Goldman Sachs Asset Management said today.

“Medium-term, Ireland’s natural growth potential is probably the strongest of all the EMU members,” O’Neill told reporters in Dublin. “Greece can’t grow its way out of it but Ireland could.”

“If EMU can survive and get through its severe challenges today and ahead, I think Ireland is in a better position fundamentally than people seem to realize,” O’Neill said.

Ireland’s “highly flexible labor market” and good relations with Eastern and Western trading nations are advantages, he said.

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