Economist McCarthy: Debt negotiations likely to go on for two more years

Leading economist Colm McCarthy expects negotiations on Ireland's legacy debt issue to continue for another two years.

Economist McCarthy: Debt negotiations likely to go on for two more years

Leading economist Colm McCarthy expects negotiations on Ireland's legacy debt issue to continue for another two years.

German Finance Minister Wolfgang Schauble

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Wolfgang Schauble said Ireland is a special case, but also suggested that there could be no re-shaping of bank debt until 2014.

“We know it’s a very specific situation in Ireland, Ireland is a special case,” he said.

Colm McCarthy said: "Six or seven of the 17 countries in the eurozone are in serious trouble. The overall response has been too slow.

"It was always going to be a long game. We'll be negotiating aspects of this I suspect for another couple of years."

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