Big boost for Ireland amid market chaos
-Ratings agency says banks need no more cash
- Interest rate cut will ease our repayments
Published 06/08/2011 | 05:00
IRISH banks got a major boost from an influential ratings agency last night in stark contrast to the financial turmoil that is threatening the world economy.
The Standard & Poor's (S&P) agency said taxpayers would not need to pump any more money into our banks and that the country was on course to escape a Greek-style second bailout. In doing so it gave its most upbeat assessment of our prospects since before the EU/IMF bailout.
The Irish economy was singled out for praise after a week of horrendous share-value losses on world markets. The top European market lost 11pc of value, while the main US stock market dropped 7pc.