Tuesday, July 12, 2011

Ireland is the New Greece

Erin go bragh indeed...
IRISH DEBT was cut to “junk” status by credit rating agency Moody’s, last night, hours after the Minister for Finance said that measures to aid Greece proposed by euro zone finance ministers on Monday night would benefit Ireland.

The resulting downgrade is expected to lead to a sell-off in Irish bonds when markets open today as many lenders will only hold bonds considered to be investment grade by privately owned rating agencies such as Moody’s.

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