Another PIIG to the slaughter????
The bond rating system is corrupt as hell to begin with...so this is like a double whammy for Ireland.
Credit agency Moodys has downgraded Ireland's government bond ratings to Aa2, blaming banking liabilities, weak growth prospects and a substantial increase in the debt to GDP ratio.
The general government debt-to-GDP ratio was at 64 per cent at the end of last year, up from 25 per cent before the financial crisis took hold, and is continuing to rise.
http://www.irishtimes.com/newspaper/breaking/2010/0719/breaking7.html
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