Lagarde: Ireland's bankruptcy laws exemplary

The Managing Director of the IMF, Christine Lagarde, said Ireland's reformed bankruptcy laws are a good example of debt restructuring for Europe.

Under the new regime the time taken to exit bankruptcy will fall from 12 years to three.

20 million Europeans are unemployed and Christine Lagarde told a meeting in Brussels this morning that three measures must be taken to tackle stubborn the jobs crisis.

The IMF says we need to enhance the monetary union, reform the labour market and reduce our high levels of debt - both household and corporate.

Christine Lagarde says growth is picking up a little bit across Europe and it's the right time to tackle debt, and she is using Ireland as an example of what can be done.

"Now is the time to actually do those things - not in a brutal way - not in such a way that would, yet again, put a drag on growth, but allowing enough of those measures to re-establish household, to consolidate corporate," she said.

"The restructuring of bankruptcy law in Ireland … is a good example of what can be done."

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