Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
CREDIT RATER MOODY’S assigned the European Stability Mechanism, Europe’s new emergency fund, a triple-A rating this evening – but gave it with a negative outlook.
Moody’s cited the ESM’s expected low leverage, the credit-worthiness of the eurozone countries behind the ESM, and the fund’s preferred creditor status in giving it a top Aaa grade.
But Moody’s assigned its negative outlook to the €500 billion permanent bailout fund, putting it on an equal level with the ratings of all but one of the Aaa-rated eurozone countries, also listed with negative outlooks.
Moody’s warned that the deterioration of the credit-worthiness of euro member states could pull down the ESM’s rating.
“A weakening in the political commitment among euro area member states to the ESM could have negative rating implications,” Moody’s added.
The ESM was launched officially on Monday, Luxembourg Prime Minister and fund chairman Jean-Claude Juncker saying it “marks an historic milestone in shaping the future of monetary union.”
The fund was initially due to enter service on 1 July but, was delayed by a challenge at the German Constitutional Court.
It will initially hold €200 billion when the first installments of government capital are paid by the end of the month.
Juncker said the currency union, troubled for the last three years by massive sovereign and banking debts, had now “closed the gap in euro area institutions” with another element in “a comprehensive plan to reshape economic governance in the euro area.”
To embed this post, copy the code below on your site
Good news for ex Talk Talk employees.
Good luck hope it works out well for all involved.
Great that private capitalist company’s that make a profit are doing well and employing more staff.
albeit with hard-pressed taxpayer aid – “the expansion is part-funded by the Government through Enterprise Ireland”. Waterford deserves it but unfortunately these jobs don’t last. As soon as the Orange deal expires they can bolt to somewhere cheaper, just like Talk Talk.
Love good news.
I’d say at least half of the 120,000 emigrated to find work! That’s if you can believe any statistics the Govt. comes out with these days!
Good news for citizens of Waterford. Best of luck to everyone who applies.
The CSO came out with a statistic that 90% of people know that 70% of Govt statistics are untrue
Great to see 250 jobs going to Waterford, as the County has been badly hit by loss of jobs for the last few years…….
Well done to Eishtec and continued success to them in the years ahead…..Nice to hear good news!
Great news pity that Bruton hopping on band wagon
Ahhhh, the green shoots of recovery
have your say