In unwelcome news that was not entirely unexpected, Moody's credit agency has downgraded Ireland's credit rating.
In doing so, the country has lost its last AAA rating, and is now rated as an Aa1.
The well-documented real estate collapse and lack of competitive edge has turned the Irish economy on its head. The high levels of spending and wages in the country will not help redress the situation and further cuts must be made, warned the credit agency.
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