S&P say we don’t believe you FF

Standard and Poor based the downgrade of Ireland on the belief that the cumulative total cost to the government of supporting the banks will be €90 billion rather than the previous estimate of €80 billion. Recapitalisation will cost €45 to €50 billion rather than €30 to €35 billion.

Jim power states that the markets do not believe that the economy is big enough to fund the banking bill and that the bank strategy is credible.

I agree with the markets which is why I have put so much of the bank story on this site.