IMF praises Ireland's actions to counter economic downturn

The International Monetary Fund has said Ireland is poorly insulated against further financial shocks, but the country is unlikely to default on our debts.

It comes just a day after the Minister for Finance Brian Lenihan insisted the economy has stabilised, despite the release of a series of negative figures on the Live Register and mortgage arrears.

In reports out today, the IMF praises the actions taken so far to counter our loss of competitiveness in the downturn, and ranks us ahead of the likes of Greece, Italy and Portugal in terms of being able to cope with further problems.

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