Ireland’s Credit Takes a Hit

A combination of news and some lunchtime satire.

Via the BBC:  Irish credit rating is downgraded

S&P cut the rating one step to from AA to AA-, its lowest since 1995.

This follows clearance earlier this month for an additional injection of 10bn euros into Anglo Irish Bank.

The agency now forecasts that net government debt – the sum of all borrowing – will rise to 113% of GDP in 2010. That would be a substantial increase on the 64% level recorded in 2009.

It would also make it one of the highest in the eurozone and well above its projections for Spain (65%) and Belgium (98%).

The rating could be cut again if the costs of the bail-out rise or the economic recovery becomes more sluggish, S&P warned, but could rise if the position unexpectedly improves.

Unfortunately, this made me think of the following, which is both hilarious and sad:

Aslo, don’t miss their explanation of the subprime mess:

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Steven L. Taylor
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog). Follow Steven on Twitter


  1. tom p says:

    I love those guys.

  2. Pete says:

    The miracle of low taxes, increased revenues, resulting in political profligate spending. Politicains: a pox on free men.