Moody's Downgrades Ireland's Credit Rating
The cost of bailing out the country's banks is increasing pressures on Ireland's public finances, Bloomberg News reported. The country's recession forced it to run a budget deficit of 14.3% of GDP in 2009. That's the widest deficit in the eurozone.
"It's a gradual, significant deterioration, but not a sudden, dramatic shift," Dietmar Hornung, Moody's lead analyst for Ireland, told Bloomberg News.