Ireland's credit rating has been slashed by five notches by Moody's, which also warned that the country faced an increasingly uncertain economic future.
Moody's said that the cost of rescuing Ireland's banking sector meant Irish debt was now significantly riskier. It also expressed concern that the deep austerity cuts due over the next four years will hurt domestic demand.
Who rates Credit Rating Agencies? I dont understand why they have so much power. I understand that investors may take their advice when deciding who to invest in. But do they have so much influence that what they say is taken as the stone cold fact? Just remember a few years ago they were dishing out fantastic ratings.
And with Ireland.
So do nothing and impose no austerity cuts- moodys cut rating
Impose strict austerity cuts required by imf, eu etc- moody's cut rating
Credit Ratings - Ireland Watch
- Thread Starter
- 17-12-2010 14:11
- Political Ambassador
- 18-12-2010 02:26
Tbh I have always wondered this. Once they mess with your credit rating a country can be royally ****ed