Ireland's debt junked as euro crisis spreads

[marmar]

from the Independent UK:



Europe's debt woes escalated yesterday as Ireland's credit rating was cut to junk status, and the crisis threatened to engulf its biggest victim yet in Italy. Moody's Investors Service cut Ireland's ratings by one notch to Ba1 from Baa3 and kept a negative outlook.

It added that there was a danger that the country will need more bailout aid in late 2013 when the current European Union-International Monetary Fund support program ends.

Italy and Spain both insisted last night that their economies, and with them the future of the euro, were secure from the debt crisis that has already floored Greece.

Speculators have stepped up attacks on the two southern European economies – the third and fourth largest in the eurozone. In both countries borrowing costs soared, while stock markets and the euro fell back – despite pledges from finance ministers that Italy and Spain were committed to slashing their debt levels. ...........(more)

The complete piece is at: http://www.independent.co.uk/news/business/news/irelands-debt-junked-as-euro-crisis-spreads-2312642.html

[Starry Messenger]

1. recommend.

[ixion]

2. "Speculators have stepped up attacks"

Ladies and Gentlemen, Damen und Herren, I give you the REAL terrorists.

[applegrove]

3. And Ireland was the example neoliberals held up as the perfect lassez faire economy.

What a bunch of idiots. Germany, who they held up as an example of a "bad liberal economy" is doing much better than most other countries.

[unkachuck]

4. "...and the crisis threatened to engulf its biggest victim yet in Italy."

....forget about it....go back to your own currency, forget the Eurozone....

....there's no way to make seventeen diverse countries with different social values and ethnic make-up share a similar currency over the long-haul....