Moody’s Downgrades Ireland’s Debt

Inquiring minds are once again gazing across The Pond at Ireland’s financial crisis and seeing another proverbial nail being driven as Moody’s downgrades their debt:

Moody’s Investors Service Inc. downgraded Ireland’s debt to Baa1 from Aa2 Friday, warning the government’s financial strength could deteriorate further if economic growth were to miss its projections.

The five-notch downgrade was made as “Ireland’s sovereign creditworthiness has suffered from the repeated crystallization of bank-related contingent liabilities on the government’s balance sheet,” said Dietmar Hornung, vice president, senior credit officer at Moody’s.

The ratings agency put the country on review for downgrade in early October, saying the process would likely result in a …

Yes, that pounding in the ears of Irishmen is not the headache of an alcoholic hangover. No, it is the pounding of nails into their coffin from a spending hangover.

Another domino falls…and to the next…


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