Irish government debt bonds were today downgraded one notch by Moody's ratings agency.  A worsening economic forecast for Ireland, a need for massive debt reduction of its sizeable financial burden and a faltering banking system have left the EU nation to have its debt forecast downgraded.

Ireland was one of the first EU countries forced to enact tough 'austerity measures' to attempt to tackle its large public debt problems.  Many of Ireland's populace have increasingly needed to seek debt consolidation or other debt solutions to try and tackle their own financial worries.

The Moody's agency of Frankfurt said: "Today's downgrade is primarily driven by the Irish government's gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability,"

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