Irish debt cut to 'junk' status as euro zone crisis deepens Irish Times
IRISH TIMES REPORTERS
The European Commission has criticised the "incomprehensible" decision by ratings agency Moody's to downgrade Irish debt to "junk" status.
The European Commission has criticised the "incomprehensible" decision by ratings agency Moody's to downgrade Irish debt to "junk" status.
Moody's announced the decision last night hours after Minister for Finance Michael Noonan said that measures to aid Greece proposed by euro zone finance ministers would benefit Ireland.
The agency said the measures being contemplated for Greece had increased the chance that Ireland might default on some of its debts if it has to seek another bailout from Europe.
A commission spokeswoman today said the timing of the decision was "questionable". A quarterly review of the Government’s progress in meeting targets set under the bailout agreement is set to be published this week.
A spokesman for EU economics commissioner Olli Rehn said the last night the Moody’s decision was regrettable.
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