http://www.telegraph.co.uk/finance/f...kets-fall.html
Ireland downgraded as world markets fall
Ireland's reputation as the "Celtic Tiger" of the 21st century economy has been shattered after its sovereign debt was downgraded, sparking fresh fears about the possibility that it may default as it battles the crisis.
Standard & Poor's has announced that it is removing Ireland's coveted AAA rating and replacing it with a AA+ rating, capping a day of misery in global markets.
The decision will raise suspicions that the UK may soon find its own debt downgraded. The ratings agency said it had taken the decision after examining the prospects for the country's public finances. The country's finance ministry insisted that it was determined to keep its debts under control in the coming years, saying: "The government is committed to restoring order to the public finances by bringing the deficit below the three percent limit by 2013."
But S&P said in its statement that it remains "concerned" that much can be done before the 2012 election.
The news is likely to increase speculation about the UK's own rating. The pound was sharply weaker against the dollar on Monday as the greenback took back some of its gains in the past week. Sterling dropped a cent and a third to $1.4189, but was slightly stronger against the euro and other currencies.
The S&P move came with markets already shaken following bank rescues in both the UK and Spain, fears about the need for further financial rescues in America and the US rejection of a General Motors internal overhaul.
The FTSE 100 index of leading shares fell by 3.5pc, down 135.94 points at 3,762.91. European shares fared similarly, with the FTSEurofirst 300 index of top European companies down 3.9pc at 709.10 points.
However, gold prices, which tumbled last week, regained their poise remaining narrowly above the $900 an ounce mark, at $928 in late trading.
Ireland downgraded as world markets fall
Ireland's reputation as the "Celtic Tiger" of the 21st century economy has been shattered after its sovereign debt was downgraded, sparking fresh fears about the possibility that it may default as it battles the crisis.
Standard & Poor's has announced that it is removing Ireland's coveted AAA rating and replacing it with a AA+ rating, capping a day of misery in global markets.
The decision will raise suspicions that the UK may soon find its own debt downgraded. The ratings agency said it had taken the decision after examining the prospects for the country's public finances. The country's finance ministry insisted that it was determined to keep its debts under control in the coming years, saying: "The government is committed to restoring order to the public finances by bringing the deficit below the three percent limit by 2013."
But S&P said in its statement that it remains "concerned" that much can be done before the 2012 election.
The news is likely to increase speculation about the UK's own rating. The pound was sharply weaker against the dollar on Monday as the greenback took back some of its gains in the past week. Sterling dropped a cent and a third to $1.4189, but was slightly stronger against the euro and other currencies.
The S&P move came with markets already shaken following bank rescues in both the UK and Spain, fears about the need for further financial rescues in America and the US rejection of a General Motors internal overhaul.
The FTSE 100 index of leading shares fell by 3.5pc, down 135.94 points at 3,762.91. European shares fared similarly, with the FTSEurofirst 300 index of top European companies down 3.9pc at 709.10 points.
However, gold prices, which tumbled last week, regained their poise remaining narrowly above the $900 an ounce mark, at $928 in late trading.
many thanks kind Sir 
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