Barroso: Ireland downgrading 'incomprehensible'
EU President Manuel Barroso has said yesterday's decision by Moody's to downgrade Ireland's credit rating is "incomprehensible".
Mr Barroso said: "Its timing, as the second quarterly review mission is preparing to announce its findings, is to say the least questionable."
The European Commission had earlier said it regrets Moody's decision which, it said, contrasts very much with the recent data.
The EU President said: "The Irish government has shown determination and decisiveness in its implementation of the economic adjustment programme. Ireland's banks are being recapitalised and its financial system more broadly is being repaired, an essential step to getting the real economy back on its feet.
"Exports are growing strongly and the country is regaining competitiveness. All of this is set to underpin a return to growth this year which will begin to bring down unemployment in a sustainable manner. "
This progress will be detailed further tomorrow by the heads of the joint Commission-ECB-IMF review mission to Ireland.
Mr Barroso said: "Much hard work lies ahead and clearly there can be no room for complacency. But Ireland is now on the right track."
