Stiglitz Says Ireland’s Prospects for Budget Success ‘Bleak’

Nobel laureate Joseph Stiglitz said Ireland is in a “dismal” position and there is little chance that the government’s measures to reduce the budget and bail out banks will be a success.

“The austerity measures are weakening the economy, their approach to bank resolution is disappointing,” Stiglitz, a Columbia University economics professor, said in a Bloomberg Television interview in Hong Kong today. “The prospect of success is very, very bleak” for the government’s plan to resolve the problem, he said.