THE TAOISEACH Brian Cowen has attacked the media for causing the Moody’s downgrade by its ‘pervasive negativity.’
The international ratings agency has downgraded Ireland for the second time since the beginning of the recession. Ireland’s sovereign bond rating now stands at Aa2. (What the ratings mean)
Moody’s says the downgrading is “primarily driven by the Irish government’s gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability.”
But don’t take their word for it because Brian Cowen thinks he’s figured out the real reason behind the downgrading.
And while it may seem smart to value the logical, dispassionate analysis of an internationally respected credit ratings agency… you never know. Maybe he’s right.
So, just to be on the safe side, please disregard everything you have seen and learned about the financial crisis. Maybe then it will all go away.
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