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The Irish debt crisis is totally different from the previous one of Greece, therefore Ireland needs its own therapy, the chief economist of Organization for Economic Cooperation and Development (OECD) said Thursday.
"They are totally different crises [link widoczny dla zalogowanych]," Pier Carlo Padoan told Xinhua after presenting the organization's 2010 Economic Outlook at a conference.
"The Greek one is mostly fiscal crisis ... the Irish crisis I would say is mostly a financial sector crisis where balance sheet of banks have themselves grow to be unsustainable," he said.
Recent Irish sovereign debt problem has aroused another wave of concern about the stability of euro and the 16-member bloc united by the currency.
Despite the existence of the European Financial Stability Fund established following Greek debt crisis, the Irish government declined to accept financial aid yet either from EU peers or the International Monetary Fund.
Different from Greece, whose "state of public finance grew totally unsustainable," the Irish, though require corresponding fiscal adjustment, "first of all ... need to fix their banking sector," Padoan said.
According to OECD prediction, Ireland's main challenge is to " wean the banking sector off public support and stabilize public debt despite the weak recovery and market concerns about sovereign risks."
The Irish government has announced a 4-year budgetary plan, which aims at bringing the public deficit down to 3 percent of domestic gross product in 2014.
OECD report was positive about the Irish plan, saying it would be "fully implemented" with further tightening effort equivalent around 3.7 percent of GDP in 2011 and around 2 percent in 2012.
Angel Gurria, the secretary-general of OECD [link widoczny dla zalogowanych], pointed out another difference in present situation [link widoczny dla zalogowanych], which could be important to save market confidence. "There is instrument available at present," he said at the conference.