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Irish debt rating on review

Moody's, one of the more prominent debt rating agencies in the world, has today confirmed that Irish sovereign debt is on review with a possible downgrade under consideration. If a downgrading was to proceed it is likely it would be a one step downgrade to an Aa3 rating. However, this is just the latest in a long line of bitter blows to the Irish economy, the Irish government and the Irish budget. So what next?

The situation regarding the Irish economy, the financial bailout and the need to slash the budget deficit will come to a head in the short to medium term. This has been dragging on for some time now and slowly but surely we are approaching the endgame when either the economy will pull back and recover or else a financial bailout will be required from EU/IMF partners.

The Irish authorities have taken a very different tack over the last few days having confirmed that if the Irish financial sector was to collapse then this would see the economy in serious trouble. The move to shore up the troubled Anglo Irish Bank is behind the major problems in the Irish banking sector and is the one which is most concerning investors around the world.

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