Peripherals Should Restructure, MIT’s Johnson Says: Tom Keene

European sovereigns such as Ireland that are dealing with unsustainable budget deficits should restructure debt rather than seek international bailouts, said Massachusetts Institute of Technology professor Simon Johnson.

“The pressure is very much on Ireland right now,” Johnson said in a radio interview today on “Bloomberg Surveillance” with Tom Keene. “Ireland, in terms of its fiscal position and in term of the sustainability of those policies and the external support polices from the ECB and others, looks pretty fragile.”