Moody’s cuts Irish debt rating as second bailout looms

| July 13, 2011
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Credit ratings agency Moody’s has today lowered Ireland’s debt rating to junk status amid fears it may need a second bailout, like fellow nation Greece.

Moody’s cut Ireland’s ratings by one notch to Ba1 from Baa3.

The downgrade comes as there are fears that Italy could be dragged into the debt crisis.

The International Monetary Fund (IMF) is urging Italy to introduce austerity measures to lower the country’s debt.

Euro zone finance ministers held an emergency meeting earlier this week to discuss Italy’s current situation, as well as a second bailout package for Greece.

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