Just over the wire Moody’s downgrades Ireland to junk (Ba1)
Same as Portugal
So what does this tell us .It tells us that the markets do
not believe Ireland can pay its debts at no matter how low the interest rate is
we just do not have the earnings ability!
Time for the government to declare we are going to default!
What’s the betting now for a 5 billion cut in spending in
the next budget expect Mr. Noonan to use this as an excuse to slash spending in
the public services in the next few months?