And so the Euro crisis worsens

The Telegraph reports that:

'Moody’s cut its evaluation of Ireland’s creditworthiness by five notches to Baa1 and warned further downgrades could follow if Dublin was unable to stabilise its debt situation.”The Irish downgrade was significant and severe,” said Nick Stamenkovic, bond strategist at RIA Capital Markets in Edinburgh. “The timing of it is a bit of a surprise, since Ireland has just passed the bailout. The decision by Moody’s is very procyclical.”'

I just cannot see how this will anything but very, very badly for Ireland, the UK and the EU. I believe the expression is "we are all going to hell in a handcart".