Nobel laureate attacks austerity imposed on Irish

JUST a week before the budget, the Nobel Prize- winning economist, Paul Krugman, has again criticised the economic policy of forcing more austerity on the Irish people.

The New York Times columnist, who previously used Ireland as an example of how austerity could ruin the United States economy, said the “suffering” of Irish people is outrageous in the current economic recession.

“Ireland was both a large borrower and a large overseas investor and, because its investments were risky, the crash in asset prices pushed it deep into net debt,” he wrote.