When Irish Eyes Are Downgraded

Tyler Durden's picture

Moody's sees likelihood of further gradual deterioration of Irish creditworthiness. Other things that will increase the sodium chloride and recycled beer and whiskey content of the Liffey include:

- Does not see any further changes to Ireland’s rating likely in short-term.
- Irish fiscal steps broadly appropriate, more spending cuts crucial.
- Ireland’s bad bank scheme positive measure.
- Sees less pronounced contraction in Irish economy in 2010, growth in 2011.
- Sees signs Ireland’s economic downturn may be bottoming out.