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Irish banking sector in freefall

Yesterday saw a significant fall in the value of the Ireland's banking community on concerns that the short to medium term outlook is turning sour. Debt ratings agency Moody's took the red pen to the industry yesterday and reduced the ratings of all 12 banks operating in the country. This is a reflection of both the Irish economy as a whole and the Irish financial market with the Irish government set to open up a "bad bank" which will absorb up to $110 billion worth of bad debts.

As we have covered on a number of occasions, the Irish economy has been in freefall for some time amid suggestions that the government will at some stage be forced to talk to the IMF. This constant speculation about a substantial bailout is not helping the situation and the authorities need to resolve the short to medium term future as soon as possible. The announcement of increased taxation in the short to medium term will do nothing to relieve the pressure being felt by property developers and businesses in the region.

After initially seeming to handle the economic downturn with ease, events over the last few months have seen the Irish economy literally fall apart and the authorities come under more and more pressure. Quite where and how this will all end is unclear at this moment in time with the situation set to worsen.

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