On Ireland

Oh, it's the reality stupid portuguese Prime Minister!

Ratings agency Standard & Poor’s the next day said the tests’ assumptions were robust, that the worst was over, and the economy is now set to recover gradually.

Although it downgraded Ireland’s credit rating by one notch, citing increased risks for bondholders under new EU rules to come into effect in 2013, it expects the country to recover faster than Greece or Portugal — Europe’s other two worst debt offenders.

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