It is not the first time this has happened in recent weeks of fire for the European economy. Yet another negative judgment from a rating agency and the timely response from the European Union contesting the decision.
This time it is Moody's who harshly ruled the downgrading of Ireland from Baa3 to Ba1, the countries with negative investment prospects, the so-called "junk". And the reply from the European Commission immediately arrived, which through the spokesperson Pia Ahrenkilde Hansen defined the decision as "incomprehensible", which also arrived at a particularly complicated moment. During a press conference you then added that Dublin "is on the right track" for the consolidation of the economic accounts.
Irish Industry Minister Richard Burton also spoke this morning, speaking on the microphones of the broadcaster "Morning Ireland" and said: "The rating downgrade will make recovery more difficult, but Ireland has been caught up in the vision that rating agencies are having some European solution to the debt crisis. It is frustrating, this makes our work even more difficult, [...] but the Government's commitment will not fail”. In any case, the judgment weighs heavily and the first consequence is already the immediate increase in the yields of Irish ten-year bonds, to the highest since the introduction of the euro.
At least for todayItaly it has not been slammed by the rating agencies. According to Moody's, the Italian one is a “different situation” and “with good fundamentals”.
