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MoS Creighton comments on Moody's downgrade

Minister for European Affairs, Lucinda Creighton TD, today said that Irish bond yields do not reflect Ireland’s true economic position.

Speaking at a lunch of EU Ambassadors in Dublin, Minister Creighton said:
“I am confident that the Irish economy will rebound.  The fundamentals of our economy are strong.”

“It is hard to understand the disappointing decision on the part of Moody’s to downgrade Ireland’s credit rating – a decision completely at odds with the recent views of others. The Commission put it clearly yesterday when it called the rating cut “incomprehensible” and pointed to our strong export growth and regained competitiveness.”

“I think that it is fair to say that yields attaching to sovereign bonds within the euro area zone at present are a reflection, to a greater or lesser degree, of the general and continuing nervousness which pervades the markets.”