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Monday, July 19, 2010

Moody's Puts The Boot In

Moody's, the credit rating agency, has put the boot into the Eurozone by downgrading Ireland's credit rating to Aa2.

The agency notes the country's weak growth prospects and shattered banking system as the rationale for the downgrade.

This comes at a "difficult" time for the Eurozone, as this weekend the International Monetary Fund (IMF) and the European Union retracted a Euro 5BN tranche of a 20BN line of credit for Hungary, as talks between the lenders and Hungary broke down over the country's budget plans.

Stress tests on 91 European banks will be published this Friday.

The Euro has a "bumpy" week lying ahead of it!

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