Austerity has failed, eurozone on brink... Expert calls for Euro cord to be cut as world financial crisis rages. MINISTER for Finance, Michael Noonan, yesterday sought to 'spin' what he called "positive developments for Ireland" arising out of the greatest financial crisis in the history of the world. But as the minister, who insists he is "most definitely not on holiday", tried to present an upside for Ireland to the global disaster, the austerity policies embraced by the Government, and Europe have been deemed an absolute failure. "They simply aren't working," one expert said. Professor Ray Kinsella also said that Ireland should now withdraw from the eurozone -- which many political and financial analysts worldwide believe to be at "serious risk" of collapse. These experts also say that the only alternative to a eurozone break-up is closer fiscal union which, they predict, will herald even more severe austerity measures.
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