Moody’s cuts Ireland’s rating to three notches above junk

(Reuters) – Ratings agency Moody’s gave an emphatic thumbs-down on Friday to Europe’s efforts to resolve a debt crisis, slashing Ireland’s credit rating as EU leaders took no new action to prevent market turmoil spreading.

Moody’s cut Ireland’s rating by a stunning five notches during a European Union summit meant to restore confidence in the euro zone by creating a permanent financial safety net from 2013 and vowing to do whatever it takes to protect the euro.

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