Europe’s commitment to austerity may blow up in its face

The irony is that Ireland’s recovery is at risk as others follow our approach, write Carmel Crimmins and Gavin Jones

EUROPE’S “no pain no gain” attitude to solving its sovereign crisis risks exacerbating the bloc’s problems, choking off the very growth needed to raise the money to pay down the debt.

From Athens to Dublin, and almost everywhere in between, administrations are imposing wave after wave of spending cuts and tax increases to persuade investors they are serious about improving their public finances and persuade them to start buying eurozone sovereign debt again.