Former IMF official: Ireland missed debt reduction opportunity in 2011

Ireland missed an opportunity in 2011 to change the way Europe dealt with the economic crisis and countries debt according to a former IMF mission chief.

Askoka Mody's comments come as Greece fights for a deal on its debt at a meeting of Eurozone finance ministers today.

They will discuss whether to extend or end the bailout, with fears the country will run out of money within weeks.

Mr Mody added Ireland missed out when the new Government took office four years ago to get more from Europe on the country’s debts.

“Growing up in European terminology means doing what Brussels and Berlin think is the right thing to do,” said Mody.

“So Ireland fell in with that culture (in 2011) and therefore perpetrated a culture which this current Greek government is trying to break.”