Ireland rating slashed as its misery grows

first_img KCS-content Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com Tags: NULL whatsapp whatsapp Ireland rating slashed as its misery grows Ireland’s economic turmoil continued yesterday as Fitch cut its credit rating.The news came a day after Moody’s said it was considering downgrading Ireland, driving up the nation’s borrowing costs.The decision heaps further pressure on a government saddled with a debt pile set to hit a staggering €155bn (£136bn) this year – equivalent to £100,000 for each of the country’s 1.5m households.As well as cutting Ireland to A+ from AA-, Fitch put its rating on a negative outlook, also pointing to uncertainty over the country’s wavering economic recovery.Fitch said: “The downgrade of Ireland reflects the exceptional and greater-than-expected fiscal cost associated with the government’s recapitalisation of the Irish banks, especially Anglo Irish Bank. The negative outlook reflects the uncertainty regarding the timing and strength of economic recovery and medium-term fiscal consolidation effort.”The Irish financial regulator yesterday warned of more bad news as the country’s property market continues to unravel. The government last week revealed it could cost up to €50bn to bail out economy. Show Comments ▼ Wednesday 6 October 2010 8:53 pmlast_img

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