Ireland faces its first test on the international markets today since being hit with a credit ratings downgrade by Standard and Poor’s (S&P) rating agency yesterday.
The National Treasury Management Agency (NTMA) will try to raise between €450 million and €600 million for the exchequer in a bond auction today.
Opposition parties have claimed that our downgrading to AA minus is a reflection of the failed Government banking policy.
Chief News Correspondent with the Sunday Business Post Ian Kehoe says our borrowing costs will be under the spotlight today.
“It’s the timing (and) as they say timing is everything” he said.
“And after coming on the back of what was a really poor day yesterday; not just in Ireland, but the Irish downgrade of the debt had implications across the markets – the peripheral markets – all across Europe bringing the European stock markets down”.
“So Ireland will be watching this and Europe will be watching it because it’s extremely important” he added.
