Irish debt downgraded five places after EU sets rescue fund
World News • December 2010 • Views: 433
Ratings agency Moody’s gave a resounding thumbs-down on Friday to Europe’s efforts to resolve a rolling debt crisis, slashing Ireland’s credit rating by five notches despite an EU/IMF bailout.
The rare steep downgrade came in the middle of a European Union summit intended to restore market confidence by creating a permanent financial safety net for the euro zone from 2013 and vowing to do whatever it takes to preserve the single currency.