A U.S. bond manager has described Ireland as a role model for how the US and Eurozone can deal with their ongoing debt issues.

Dr Michael Hasenstab, a Franklin Templeton bond manager, has described Ireland's policies for dealing with sovereign debt difficulties as an ‘ideal prescription’, according to CityWire. 

"What’s been happening in Ireland is positive. The country, despite facing great adversity, continues to make progress on fiscal reform, and is increasingly getting recognition as a model for other countries," he said.

The U.S. investor is the biggest single holder of Irish debt, with assets of $158billion. The 38-year-old runs Templeton Global Fund in San Francisco.

"While there is still progress that needs to be made, I think the fact that Ireland was able to regain international bond market access after years of not being able to, is a clear sign that it is getting credit for a lot of the progress it has made," he said.

"I believe the Irish model could be an ideal prescription for problems in the other parts of Europe. And hopefully, even the U.S. could look a little bit deeper into what the Irish have done and try to emulate some of those policies."

Hasenstab, who holds a doctorate in economics, said the current investment climate is the main concern.

"We need to be realistic. In our view, conditions in Europe are going to be troubled. Deleveraging is painful, and growth is likely to be very weak, but that doesn’t equate to an Armageddon scenario," he said.

He forecasts the biggest opportunities in Europe are outside the Euro zone. 

"These countries are benefiting from the massive quantitative easing that’s going on in the eurozone; they are recipients of fairly large capital flows and at the same time these countries don’t face the massive deleveraging that is being experienced in many cases in the eurozone."