Economist reveals appalling vista of bankrupt and beleaguered Republic... THE EURO ZONE debt crisis will be solved “eventually” as it is to Germany’s benefit to remain in the euro, UCD economist Morgan Kelly has said. Delivering the Hubert Butler Lecture at the Kilkenny Arts Festival on Saturday, Kelly predicted very large European Central Bank loans to Ireland, Spain and Italy. Even if the Republic were to receive favourable terms, “deep problems in Ireland remain”, he added. In an hour-long address, Kelly also predicted that Irish debt will approach €250 billion by 2015, €50 billion more than Coalition estimates, and has said there was “no way we can repay that”. He also warned that the losses in the Irish banks would be much greater than predicted, reaching €100 billion rather than the €60 billion estimated. The academic, who has been praised widely for forecasting the depth of the recession, has recently warned of an impending mortgage default crisis and on Saturday descr...
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