With fears of the debt crisis looming large in the Greek economy, the experts have started following the business philosophy of Ireland which says that recovery cannot be estimated on the basis of traditional economic trends.

Greece is the worst hit nation in the Euro zone, suffering the brunt of the financial crisis. It has seen the maximum number of layoffs and pay cuts over the last 18 months.

Prime Minister, George Papandreou had mentioned to follow the Irish philosophy in March this year, after realizing the lost possibilities of doing away with the debts.

"Ireland's wage cuts are a blueprint for Greece and other European countries that lost competitiveness," said Ralf Ahrens from Frankfurt Trust, who takes care of Irish government bonds.

Garret FitzGerald, Prime Minister of Ireland, said the job cuts and reduction in pays have been observed in Greece to the peak level.

He said that something has to be done to improve the conditions in the drowning economy.

The budget deficit in Ireland will come out to be 11.7% of the gross domestic product in the current fiscal year.

Greece is aiming to turn down the debt crisis by 8.1% of GDP.