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CFR.org Roundup: Ireland downgraded to junk, debt contagion fears rise amarcnn | July 13, 2011 at 9:18 am | Tags: CNN Editors | Categories: Daily Roundup, Economy, Europe | URL: http://wp.me/p1bJgh-277

Editor's Note: The following is reprinted with the permission of the Council on Foreign Relations.

Credit rating agency Moody's downgraded Irish debt to junk status Tuesday, suggesting the country may need a second bailout, just a week after the agency provided Portugal with a similar assessment.  European Union officials have expressed public frustration (DerSpiegel) toward the "Big Three" rating agencies--Moody's, Fitch, and Standard and Poor's--for exacerbating the European sovereign debt crisis with speculative ratings.

At the same time, markets feared that Italy could be the next victim in the ongoing eurozone crisis, as the yields on the country's ten-year bonds reached a high of 6 percent (Bloomberg) Tuesday for the first time since 1997. Bonds gained today, after Italian Prime Minister Silvio Berlusconi vowed to push a €40 billion deficit-reduction (FT) plan through Parliament by the end of this week. Read more of this post

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