Unelected Taoiseach Cowen
has criticised what he called the pervasive negativity in the media about the Irish economy.
Commenting on the downgrading of the economy by Moody’s, Brian Cowen said the National Treasury Management Agency had made clear we are a very stable economy.
The international ratings agency, that helps investors assess investment risk, downgraded Ireland for a second time since the financial crisis began.
However, the agency has moderated its outlook for Ireland from negative to stable.
Moody’s downgraded Ireland’s sovereign bond rating to Aa2 from Aa1.
Moody’s Senior Credit Officer and lead analyst for Ireland Dietmar Hornung said the ‘downgrade is primarily driven by the Irish government’s gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability.’
Rival agency Standard & Poor’s, which downgraded for a second time in April, has maintained a negative outlook for the country.
The NTMA, which manages the national debt, has said the downgrading of Ireland’s credit should not have an impact on the country’s debt.
The agency, which is having its monthly auction of Irish bonds tomorrow, said the rating decision was not based on any new information.
The NTMA’s Oliver Whelan said there were positive elements in the Moodys’ announcement.
Mr.Cowen the National Treasury Management Agency’s assurances are worth nothing to the Irish public in light of the assurances from your predecessor Ahern on Irish house prices two years ago or the assurances the financial regulator gave on Anglo Irish Bank or on your own assurance on the cost of bailing out the big banks of this state
You have absolutely no credibility; neither does any state body that includes the central bank
You have lied to the Irish people and brought us down on our knees to the altar of the foreign vultures
Thus ensuring that future generations will continue to be slaves in their own country
You and your cabinet swatters will have to face the people’s justice sooner or later
We need action on jobs and a general election now