Cowen believes country can survive world economic storm

IRELAND is in a strong position to ride out the rollercoaster direction taken by world stock markets in recent weeks, Finance Minister Brian Cowen last night insisted. He gave a bullish assessment of the State’s prospects, as he talked up the country’s economic strengths.

Mr Cowen denied the slump in the housing market would have a disproportionate impact on the rest of the economy as he stated “fundamentals” were strong.

Mr Cowen said his reform of stamp duty in last month’s budget was not intended to be a “panacea”, but rather to facilitate “an adjustment that had to take place” in the property market.