Important progress in Ireland, particularly in the area of the recapitalization and restructuring of the banking sector and fiscal consolidation has been. Ireland has also substantially improved their competitiveness through wage adjustments, says the document. The causes of the Moody s rebate justified the downgrade of Irish debt by the growing possibility that, when the current rescue from the EU and the IMF program is complete in 2013, Ireland needed more official financing before being able to return to the markets. The Agency cited the possibility that, in line with recent proposals for EU governments, prompted the involvement of private creditors as a precondition for the granting of additional aid to Ireland. Moody s acknowledges that Ireland demonstrates a strong commitment so far in its fiscal consolidation programmes, and to comply with the terms of its bailout, but He warns that its implementation carries risks, especially under the continued weakness of the Irish economy. The Agency explains that it is also to the change in tone between the Governments of the EU regarding the conditions on which fix the support to countries with problems in the area euro. Moody s was so rrencia to actions taken Monday by 17 Finance Ministers of the euro zone, who were willing to improve the flexibility and reach of the European financial stability facility to assist countries with problems of financing Ireland also responds the Irish Finance Ministry has reacted to the news and has described as disappointing the agency decision Moody s to lower the rating of the debt of Ireland a step up to the garbage, the Baa3 level bonus? to Ba1?. An official spokesman said that Ireland is doing everything possible to put its house in order, as it shows that, until now the European Union (EU) and the Monetary Fund International (IMF) indicate that Dublin is fulfilling the terms of its bailout, valued at 85 billion euros.
It is important to remember that the rating of Ireland for other large, such as Standard & Poors, Fitch and DBRS, stays in the investment-grade, said spokeswoman in rrencia to Moody s, which also warned that it could again downgrade the debt of Irish after assigning it a negative Outlook to the new note. Get more background information with materials from Jeffrey Hayzlett. Given the moment chosen by Moody s, it is difficult to see how its decision takes into account the measures taken by the Eurogroup Monday to improve the flexibility and scope of the European financial stability facility, said the Irish source. The Irish economy is on track to return to experience a positive growth this year. Gross domestic product increased during the first quarter by 1.3%, which gives grounds for optimism, said the spokesman. Source of the news: the European Commission considers incomprehensible the reduction by Moody s of Irish debt