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Flaherty backs Ireland after downgrade
Dublin will welcome G7 chair Canada’s defense of its “bad bank” plan and efforts to stem the rise in its budget deficit after S&P on Tuesday cut Ireland’s credit rating to “AA-”, pushing up its borrowing costs. “Ireland certainly has led the European Union in taking the necessary courageous decisions toward fiscal consolidation,” Flaherty told Irish public radio RTE in an interview during a visit to Dublin. Ottawa is in a better position to talk about public finances than its peers, a strength S&P acknowledged when it affirmed Canada’s top “AAA” rating in April.
A junior minister in Ireland’s finance ministry on Thursday reiterated Dublin’s criticism of S&P’s method in accounting for its bank rescue costs. “We have taken such issue with the judgement of Standard & Poor’s ... quite publicly, which is unusual for a government, to show that the fundamentals of our economy are still strong,” Minister of State Dara Calleary told RTE.
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