Ross backs Ireland’s recovery

AGGRESSIVE spending cuts will make Ireland the first European nation to recover from the sovereign debt crisis, said billionaire investor Wilbur Ross.

“Ireland will be the first of the euro countries to recover because they really bit the bullet,” said Mr Ross, chairman of WL Ross&. “Once they get through all that, the fundamental advantages of Ireland are intact.”

Ross, whose firm manages about $10 billion (€6.9bn) in assets, joined four other investors in agreeing to buy a 34.9% stake in Bank of Ireland. The firm is alone among the country’s six largest lenders in avoiding Government control. The bank was ordered to raise €5.2bn of capital following stress tests in March.