Tom McDonnell: Two internationally renowned economists, Ken Rogoff (a former chief economist of the IMF and Harvard Professor) and Nouriel Roubini of NYU and the National Bureau of Economic Research, have called on Ireland to impose burden sharing on the senior unsecured bondholders.
They say that failure to do so risks plunging Ireland into insolvency. Rogoff also predicts thatm on its current ‘Ceausescu like’ austerity path, Ireland may have to restructure the sovereign debt.
Ken Rogoff is the author of ‘This Time is Different: Eight Centuries of Financial Folly’. Nouriel Roubini is the author of ‘Crisis Economics: A Crash Course in the Future of Finance’.