THE CREDIT RATING agency Moody’s has downgraded Ireland’s debt rating to junk status, a move that has been criticised by the Department of Finance.
Minister Michael Noonan’s department has called it a “disappointing development” which is at odds with the view of other ratings agencies. This morning’s statement from the Department of Finance said that the countr’s economy is on track to return to positive growth and to achieve its deficit reduction target. Noonan himself said earlier this week that a pledge to provide a more flexible bailout fund across the eurozone will benefit Ireland and offers hopes of securing a lower interest rate.
Moody’s meanwhile says that Ireland is at high risk of needing a second bailout.
So, who do you believe… Moody’s, who says Ireland needs a second bailout, or Michael Noonan, who says we’re on track to growth and recovery?
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