The Irish government has thanked American investor Michael Hasenstab for buying over $8billion of the country’s debt – and claimed it is proof they are on the road to recovery.
San Francisco based Hasenstab has been confirmed as the biggest single investor in Ireland’s future according to new figures.
Hasenstab has purchased the state debt through his Templeton Global Fund.
The speculator is adamant that Ireland is on the right track to pull itself out of the red.
He said: “It will be challenging but Ireland continues to take the necessary steps on the road toward recovery.”
The 38-year-old has raised eyebrows with his massive gamble on Ireland’s future.
A senior rival bond investor told the Irish Sun newspaper: “It’s a punchy bet. It’s quite unusual to hold such a large position. Templeton building up such a large position has been a major driver for Ireland’s performance this year.
“If they get it right they’ll be heroes but if they ever have to get rid of some of their position it will be very difficult.”
Hasenstab’s investment in Ireland has been hailed by the Irish government who say it vindicates their efforts to drag the country out of recession.
Junior Finance Minister Brian Hayes said: “They see Irish debt as very good value and have taken a firm decision that the Irish economy is recovering, has turned the corner and they will be paid back.
“They will yield a substantial dividend from it.”
Writing for the Wall Street Journal last year, Hasenstab described Ireland as an example for other struggling bailout nations to follow.
He wrote: “If investors would be short-sighted to overlook Ireland’s progress toward lower debt and faster growth, other governments would have to be blind to ignore how Dublin has managed it.”
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Switch to the desktop site to post a comment.KerryGold | Sep 08, 2012, 01:48 PM EDT
Who said he was our saviour? The only saviours my country has, are the hard working, Irish people in the private sector, who from day to day are uncertain if they will lose their jobs, who pay a very high tax rate, both direct and in-direct. The absolute dis-respect and cheek of this this writer, to ignore trhe fact that Irish people are struggling and have to work themselves to the bone to re-pay a debt which is not of our making.
esatdigiwank | Sep 06, 2012, 05:29 AM EDT
Let me see....whose money is Hasen-stab betting with...Who benefits from us Paddy-serfs & Josephine-soaps keeping the treadmill going.. Ireland: the financial overlords' ultimate wet dream..
seanaci | Sep 05, 2012, 03:13 PM EDT
Let me see if I got this right? The Irish Government is delighted to encourage a financier to buy Irish debt knowing that the present and future generations of Irish working men and women who must scrimp to create the added value to repay the debt along with the "substantial dividend" and will be lucky if they can keep an arse in their trousers or knickers. This is the Great Hunger / Free Market script all over again and we know how that turned out!
IrelandNorth | Sep 05, 2012, 06:36 AM EDT
Does this mean he owns Ireland now? And if so, where does that leave democracy? Is it true what they say that debt entrapment is the new imperialism? I'm sure he's a good guy, but how advisable is it to place such hugh sums of money in the hands of so few individuals? Hasenstab for Taoiseach.
merefalow | Sep 04, 2012, 07:20 PM EDT
good guy,no reason it cant pay,IF the useless politicoes who led us into this mess are neutered out of any decision making,and the powers of the eu are seriously curbed,otherwise it will be more of the same,and stop mass uncontrolled immigration until we can provide work for our own people.
hooligan6a | Sep 04, 2012, 06:24 PM EDT
Hey Peggy P, you go girl!!
Scrivner | Sep 04, 2012, 05:38 PM EDT
My kid's IRA is in that fund, he had better do ok!
canadianirish | Sep 04, 2012, 03:17 PM EDT
Bravo! I wish him all the best!
Murph46 | Sep 04, 2012, 03:16 PM EDT
Hey LoyalCitizen -What say about that,you anti American rantor!
Peggy P | Sep 04, 2012, 12:34 PM EDT
American Capitalist buys billions of Socialist Ireland's dept to keep them afloat. And to think that Michael Hasenstab is actually part of that awful 1% Obama want's to penalize for being successful. This speaks volumes as to why we need Mitt Romney and Paul Ryan to lead this country to greatness again and get us out of dept.