Second rating agency flags Irish default…

As the UU’s tried (and failed) to get the blood of the Legislative Assembly pumping in the budget debate this morning, in the south the pain continues… “Moody’s has warned there is a more than 50% chance Ireland will lose its triple A rating within 12 to 18 months.” (yes, that Moody’s) Elena Moya notes that this means:

The spread between Irish and German debt rose last week to 203 points, meaning Ireland has to pay 2% more interest than Germany to borrow in the financial markets because of its perceived higher risk.

Mick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty