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Irish credit rating reduced to AA

In an embarrassing turn of events for the Irish government it has been revealed that Standard and Poors, the renowned credit ratings agency, has reduced the rating on Ireland's credit to AA from AA+. The fact that the country had a AAA rating just a few months ago is a further reflection of the ongoing demise of the economy and the troubles experienced by the Irish government.

S&P is also suggesting that the credit rating is on a negative outlook and could fall further in the short to medium term as the cost of bailing out the Irish banking industry continues to grow. This comes at a time when the economy is struggling, unemployment is rising and the Irish government faces a vote of no confidence in parliament this week. All in all, this has been a disastrous period for the Irish economy and unfortunately there appears little in the way of encouragement in the short to medium term.

If the Irish government loses the no vote confidence on Tuesday then we could be plunged into yet more difficulties and a possible general election. Ireland has gone from being one of the most respected economies in Europe to one which is literally on its knees and in need of overseas funding to survive.

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