Popular Irish Politician Calls For Default Ahead Of EU Summit

Irish TD (the Irish version of MP) Shane Ross is arguing that Ireland should default on its debts, particularly since the markets believe that default is inevitable.

Claiming Irish Prime Minister Enda Kenny is inaccurately touting the success of Irish austerity measures, Ross thinks that when Moody’s cut Irish bonds to junk last week it doomed the Irish economy to default no matter what.

He claims the only options are denial or default. “What I suggest to you and what I ask you is this, would you not consider taking up the default gauntlet, and in a structured way if necessary saying yes, default is not a negative, default is a positive, because believe me, the markets believe it is inevitable,” Ross said.

Though an independent, Ross garnered the second-highest number of votes in the Irish election this February. His opinions hold considerable sway among an Irish population that favours default.

PM Kenny, who will probably ignore Ross, will be at the EU summit tomorrow to discuss a second Greek bailout and a plan to keep Spain and Italy from going under.

As usual, no one there will probably care about Ireland.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.