Ireland's economic policymakers have taken another hit in their efforts to right the ship. Moody's is downgrading the country's bond rating from Aa1 to Aa2. The BBC reports:
Ireland has suffered a severe contraction in GDP since 2008, causing a sharp decline in tax revenue.
And Moody's said the banking and property sectors, which had driven the economy before the global economic downturn, would not contribute strongly to overall growth in coming years.
It also pointed to the country's swelling levels of debt as a reason for the downgrade.
Read the report here.
Posted
07-19-2010 3:47 AM
by
Graham Griffith