Minister for Finance Brian Lenihan said the ratings downgrade underlined the importance of taking appropriate action. "It is extraordinary that the European Commission, the OECD, the IMF all have said there is a clear way out for Ireland and that is to resolve our banking crisis, address our public finances and restore our competitiveness" Mr Lenihan said. Among its recommendations, the OECD said public sector wages should be independently reviewed and public sector pensions “overhauled in the light of private sector arrangements”. Full Article at Irish Times