NORTHERN Ireland needs to rebalance its economy so that in future it does not end up like Greece, a leading economist warns today.
Writing in the News Letter to launch a series of essays on the euro crisis by leading Ulster economists, Graham Gudgin points out that Northern Ireland has, like Greece, lived far beyond its means for many years.
The former adviser to David Trimble says that Greece, unlike Northern Ireland, “has been called on to repay at least part of its debts”.
He adds that Ulster’s subsidy as part of the UK looks secure at present “but we would be sensible to do our best to rebuild our economy in case this changes”.
Mr Gudgin is the first of five experts who this week will examine how the possible exit of Greece from the single currency will impact the UK, and specifically Northern Ireland.
Esmond Birnie, Richard Ramsey, Angela McGowan and John Simpson will share their thoughts on the crisis during the week.
Meanwhile, David Cameron yesterday warned eurozone leaders to put in place contingency plans to protect their economies in case Greece drops out of the single currency.