Ireland is unlikely to default on its debt as such a move could lead to a collapse of the euro-zone, former Smurfit Kappa Group chairman Dr Michael Smurfit said.
"I don't think that's possible really within the European context without bringing the whole region into contagion and collapse,” he told Bloomberg in an interview.
"It could lead to a serious, serious economic crisis in Europe. I don't think it's going to happen."
Dr Smurfit (74) said the financial crisis had "decimated" his pension fund and that his bank shares are "of course worthless".
"I'll survive," he said.
Dr Smurfit said Ireland could "bounce back" after securing a €67 billion international aid package, who said he knew the State was bound to have a property crisis.
"But I didn't know the extent of it. I missed it," he said.
Dr Smurfit bought Ireland's K-Club golf course with property developer Gerry Gannon in 2005, and hosted the Ryder Cup there the following year.
He and Gannon are now in talks with the National Asset Management Agency, about the club, which "hopefully" will be run as a business "as usual," he said.
"I'm hopeful that we'll get out of the crisis," he said.
Dr Smurfit's packaging business was sold to Chicago-based buyout firm Madison Dearborn Partners LLC for €2.46 billion in 2002. It was then merged with Dutch company Kappa Packaging in December 2005.
He stepped down as chairman in 2007 as Smurfit Kappa raised €1.5 billion in a share sale.
Bloomberg