I don't understand the downgrade. is the debt owed in another currency? if owed in its own currency, there is ZERO chance of a default.
Ireland is on the euro, which means it cannot make unilateral monetary decisions (unless it goes off and devalues).I don't understand.
they are either on the euro (can not devalue - can not print ) or they are not (can devalue - can print)
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Keep in mind also that a politicial decision can be made to default, or force a default (in Brussels or Dublin) and that is where the risk lies.
unless you have a big brother, defaulting is a horrible choice. But if the debt is owed in your own currency, printing is a much better choice than defaulting. And at a time when many in the world are printing, why not print?
