Ireland and Estonia best in eurozone on debt control – Standard & Poor’s
THE CREDIT rating agency Standard & Poor's has reported that Ireland and Estonia have made the biggest budgetary adjustments of the euro zone countries struggling to control their debt levels.
Measures taken in five countries - 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," S&P said.
Both countries had narrowed their current account deficits, due to declines in labour costs and had restored their competitiveness, the report added.
S&P said Spain looked to be only a year away from balancing its current account, but Portugal had further to go, while Greece had "even longer".