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Credit rating

CREDIT Rating agency Moody's has predicted that 10pc of taxes raised in Ireland will go towards servicing the national debt by next year.

Moody's believes that the size of the budgetary adjustment needed in Ireland is the largest of any economy in Europe.

In its bi-annual report, Moody's reaffirmed its Aa2 rating for Ireland, stating that the country's "proven adjustment capability and its economic vitality" should allow it to stabilise public debt.

Ireland shares an Aa2 rating, which is two notches below the top-rated Aaa (triple-A) level, with Italy and Slovenia.