Harvard professor and political adviser Jeffrey Sachs advised that the government’s handing over of $1bn (€725m) to Anglo Irish bondholders was “not a good decision.” Sachs delivered his comments at the second annual Kilkenomics, a combination of economic and comedic punditry.
Thomas Molloy of The Independent reports that Sachs, the youngest economics professor to ever be tenured at Harvard, went on to say that a decision to stop payments to Anglo Irish bondholders who purchased risky bonds was “not like breaching a contract.”
Sachs also offered some commentary on the G20 Summit that was held in Cannes, France. He described the conference of world leaders as "half-baked" and noted how there was "a really odd feeling" that the world was "not what we expected".
Unemployment rate in Ireland trebles - as 100 people per day emigrate
Irish government unhappy over referendum No
Occupy Dublin protesters settling in for winter months
What does Sachs see for the future of Ireland? "With Ireland you need more proposals on the table and I wouldn't expect the Government to come up with them," said Sachs at the festival. Molloy writes that Sachs predicted that solutions for the worldwide economic crisis will come from activists and entrepreneurial politicians, rather than the public sector.
Sachs was joined by other top economists and top comedians at the four day festival in Kilkenny. Hailed as the “most thought-provoking,” Indian banker and analyst Vikas Nath proclaimed that the debt in Greece, a nation making up a miniscule 2.5% of the Eurozone, is “irrelevant” to people in larger nations such as India or China.
He also warned that Ireland should not delay any more. "Don't let it stretch out for years. Don't let it be a death by a thousand cuts."
Why all Irish men’s beards are red