Photo: garryknight on flickr
Moody’s warns that it may downgrade Irish debt another notch, as the cost of the country’s bank bailout continues to spiral, and the Irish economy falters.The news isn’t having a real dramatic effect on the market. Irish stocks are up. Bonds are bit wider, though they’re off their recent highs.
This stat, however, from the Reuters report on the warning is eye-opening:
The banks bill will quadruple national debt levels to 155 billion euros or over 100,000 euros per household.
“Ireland’s ability to preserve government financial strength faces increased uncertainty,” Dietmar Hornung, Moody’s lead sovereign analyst for Ireland, said in a statement.
Be glad at how cheap the US got off.