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Editorial: Our financial future is in doubt again

News that international debt analyst Moody's has downgraded Ireland's bond rating for a second time is a setback to hopes that we may have been on a path to recovery.

Now the Government has stated that it needs to cut a further €4bn in advance of this December's Budget.

Ministers are scheduled to meet on Wednesday in Farmleigh House for a think-in to try to agree on a plan of action to get this country on the road to solvency.

Tough decisions will have to be made.

Then the results of those decisions will ultimately thrust upon people who are already finding it difficult to make ends meet.

The departments of Social Protection, Education and Skills and Health and Children are all expected to face savage cuts while those on lower incomes may be drawn into the taxation system.

This is bad news for an already floundering Government -- but even worse news for we taxpayers who will ultimately foot the bill.