Tuesday, July 12, 2011

Moody's Cuts Ireland's Credit to Junk Status

Following warnings on Greek, Portuguese, and Italian debt, the ratings agency Moody’s has downgraded Irish debt to junk status. The agency says it’s likely that Ireland will need a second bailout.

Bottom line: These countries either leave the eurozone and return to their own currencies to inflate away, or the ECB does it at the euro level.

Sanity in the form of straight forward default will not be allowed by the banksters. 

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