Kyle Bass Says Ireland Can't Solve Its Debt Problem

Kyle Bass is speaking at the Value Investing Congress and is saying that Ireland can not hide its balance sheet issues, as it has 30-40 times the assets in the banking system, than it does debt.

Kyle Bass says that Jean-Claude Trichet and Ben Bernanke have not been paying attention.

He believes that countries like Ireland who are cutting expenditures by 10% by imposing fiscal austerity will run a deficit almost 40% higher than last year.

Kyle Bass believes we are very likely to see a series of sovereign defaults, and Ireland appears to be a possibility, given Bass' bleak outlook.