Fitch supports Irish vote

Source: Marketwatch
Last week Irish people voted in favour of the Eurozone fiscal pact which seeks to maintain strict budget requirements across the single currency area. According to Fitch Ratings, this choice is beneficial for the country, as it removes a potential source of ambiguity about Ireland's future funding. As EU-IMF bailout programme ends in 2013, it's crucial for Ireland to have access to European Stability Mechanism, which the country would be deprived of, if it voted against the pact. However, Ireland is still sensitive to an economic turmoil raging in its European trading partners and faces high borrowing costs. Thus, Fitch confirmed a negative outlook on Ireland's BBB plus rating.

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