LONDON—Moody’s Investors Service Inc. downgraded Ireland’s government debt by two notches Friday, taking the country to the brink of junk status, and kept its outlook negative.

The agency, cutting Ireland’s bond ratings to Baa3, one notch above junk, from Baa1, said it was responding to a likely deterioration in Ireland’s fiscal position due to weak prospects for economic growth and higher borrowing costs as a result of rate rised by the European Central Bank.

The Ireland downgrade is the latest in a series of downgrades issued by Moody’s and other rating agencies on countries along Europe’s fiscally-weak periphery.

Ireland and Greece have both been cut despite being supported since last year by a bailout program from the European Union and the International Monetary Fund. Portugal applied for a similar rescue earlier this month.

Hit by a banking crisis that took a heavy toll on government budgets, Ireland in November secured €67.5 billion ($97.83 billion) in loan guarantees from the EU and IMF in exchange for tough measures to shore up public finances and fix its banks.

Since then, the country has changed government and the coalition that came to power last month has pledged changes that include reversing cuts in the minimum wage and allowing more room for efforts to create jobs.

Moody’s said the country’s weak economic growth prospects are driven by the fiscal consolidation process, the ongoing contraction in private-sector credit, and a more adverse interest-rate environment now that the ECB has begun raising interest rates.

http://online.wsj.com/article/SB10001424052748704628404576264094193235416.html?mod=WSJ_hp_LEFTWhatsNewsCollection

If you missed it the first time I posted it, here it is again for our Irish/American readers and for all men and women of goodwill, no matter what your ethnic of racial heritage may be.

Enjoy!

~~John Cronin~~

Although the Irish are always up for a party, let’s not completely forget the more serious side of the day. I have reposted a brief article from CATHOLIC ONLINE that gives some of the history surronding this great Saint. ~~John Cronin~~

St. Patrick of Ireland is one of the world’s most popular saints.

Apostle of Ireland, born at Kilpatrick, near Dumbarton, in Scotland, in the year 387; died at Saul, Downpatrick, Ireland, 17 March, 461.

Along with St. Nicholas and St. Valentine, the secular world shares our love of these saints. This is also a day when everyone’s Irish.

There are many legends and stories of St. Patrick, but this is his story.

Patrick was born around 385 in Scotland, probably Kilpatrick. His parents were Calpurnius and Conchessa, who were Romans living in Britian in charge of the colonies.

As a boy of fourteen or so, he was captured during a raiding party and taken to Ireland as a slave to herd and tend sheep. Ireland at this time was a land of Druids and pagans. He learned the language and practices of the people who held him.

During his captivity, he turned to God in prayer. He wrote
“The love of God and his fear grew in me more and more, as did the faith, and my soul was rosed, so that, in a single day, I have said as many as a hundred prayers and in the night, nearly the same.” “I prayed in the woods and on the mountain, even before dawn. I felt no hurt from the snow or ice or rain.”

Patrick’s captivity lasted until he was twenty, when he escaped after having a dream from God in which he was told to leave Ireland by going to the coast. There he found some sailors who took him back to Britian, where he reunited with his family.

He had another dream in which the people of Ireland were calling out to him “We beg you, holy youth, to come and walk among us once more.”

He began his studies for the priesthood. He was ordained by St. Germanus, the Bishop of Auxerre, whom he had studied under for years.

Later, Patrick was ordained a bishop, and was sent to take the Gospel to Ireland. He arrived in Ireland March 25, 433, at Slane. One legend says that he met a chieftain of one of the tribes, who tried to kill Patrick. Patrick converted Dichu (the chieftain) after he was unable to move his arm until he became friendly to Patrick.

Patrick began preaching the Gospel throughout Ireland, converting many. He and his disciples preached and converted thousands and began building churches all over the country. Kings, their families, and entire kingdoms converted to Christianity when hearing Patrick’s message.

Patrick by now had many disciples, among them Beningnus, Auxilius, Iserninus, and Fiaac, (all later canonized as well).

Patrick preached and converted all of Ireland for 40 years. He worked many miracles and wrote of his love for God in Confessions. After years of living in poverty, traveling and enduring much suffering he died March 17, 461.

He died at Saul, where he had built the first church.

Why a shamrock?

Patrick used the shamrock to explain the Trinity, and has been associated with him and the Irish since that time.

In His Footsteps:

Patrick was a humble, pious, gentle man, whose love and total devotion to and trust in God should be a shining example to each of us. He feared nothing, not even death, so complete was his trust in God, and of the importance of his mission.

~~John Cronin~~

Take a listen to this YouTube with a colleen expounding on the fine points of Dublin slang, just for fun.

It’s deadly, it’s massive!

~~John Cronin~~