IMF Conference Call on Ireland: New sources of growth required; No reason to fear default on debt
Jun 26th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
In a Conference Call on the IMF's report on Ireland, Mission Chief to Ireland and Assistant Director in the European Department Ashoka Mody said that the Irish Miracle "as we know it seemed to have run its course by the early part of this decade and new sources of growth had not really emerged in any significant or vibrant manner. Therefore, when this recovery occurs, it will be important that if Ireland is to go back to something that resembles its more vibrant years that there will have to be a regeneration of new sources of growth." Mody also said that there is absolutely no reason to think that the Irish authorities are going to default on their debt. "There is no basis in the slightest for even considering such a possibility. And there is no discussion at this time on a Fund relationship within which the IMF...provides any financial support," he added.