Because of the hemorrhaging of the Irish banking system, Standard & Poor’s has decided to cut the Irish debt rating to double-A-minus. This comes in a time when Ireland’s finances are starting to loom even larger in the market system.

In order to pay off the bailout of the banks, the Irish government will have to push their debt well above their Gross Domestic Product, and those of other debt stressed countries, such as Spain and Belgium.

Ireland Debt Status Drops

In 2008, the Irish banks came crashing down, much like other banks around the world when the massive housing bubble decided to pop. And, just like everywhere else, the taxpayers have been burdened with paying off this massive debt that the banks and mortgage lenders have drawn up.

Even though taxpayers have been doing everything they can to help bring the economy back to ground, nothing really seems to be working. The markets keep falling, housing keeps getting lower, and the debt of countries all over the world, not just Ireland, seems to be growing. It makes one wonder if there really is any way of getting the economy back, or if it should all fail and try to start over from scratch.