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Thu 08 Aug 2010Cost of State funding jumps as debt rating downgraded
THE COST of State borrowing rose sharply yesterday on the back of a downgrade of Irish debt by Standard and Poor’s (S&P), a credit rating agency. This pushed the interest rates on Government bonds to their highest level since a huge financial rescue package was put together by the EU in early May.
National Treasury Management Agency chief executive John Corrigan, whose organisation manages the State’s debt, publicly criticised the downgrade, describing it as “flawed”.
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