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Soccer foes are sensible partners

November 30, 2011

By Staff Reporter

They recently did battle in a bid to qualify for next year’s European soccer championship finals. The Republic of Ireland came out on top in that one.

But Ireland and Estonia are playing a skilled score draw when it comes to doing what is needed to cope with tier financial woes.

The credit rating agency, Standard & Poor’s, has reported that Ireland and Estonia have made the biggest budgetary adjustments of the euro zone countries that are currently struggling to control their debt levels.

Measures taken in Ireland, Spain, Portugal, Greece and Estonia between the end of 2008 and 2011 were studied by the agency.

“Estonia and Ireland have adjusted more, and demonstrated greater flexibility in the face of external pressures compared to other net debtor euro zone economies,” Standard & Poor’s concluded.

Both countries had narrowed their current account deficits, due to declines in labor costs, and they had restored their competitiveness, the report stated.

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