Richard Curran: Moody's upgrade welcome but international picture bigger
Published 21/01/2014 | 12:16
Moody’s rating agency has given Irish bonds a big boost. A sizeable fall in yields on Irish debt has left us able to borrow five-year money at the cheapest rate in the 92-year history of the state.
The Moody’s upgrade even helped knock our ten-year rate down by 0.2pc to 3.24pc.
This is good news. But it is difficult to get excited about it. As recently as last week we had the head of the European bailout scheme, Klaus Regling in Dublin, telling us the lower cost of borrowing was a “reward” for not burning bondholders.