1. UH-OH

    Moody’s Cuts Irish Credit to Junk Status

    Supporters of the anti-British pressure group Eirigi hold Irish flags as they take part in a protest against the state visit of Britain's Queen Elizabeth II to the Republic of Ireland in Dublin, Wednesday, May 18, 2011.  Queen Elizabeth II's journey of reconciliation was taking her Wednesday to the site of a notorious massacre where British troops killed 14 Irish civilians in 1920.  The queen's visit to Croke Park stadium on the second day of her historic trip to the Republic of Ireland highlights the vast improvement in Anglo-Irish relations since those dark days.  (AP Photo/Matt Dunham)

    Matt Dunham / AP Photo

    Bailout fever is sweeping Europe faster than any ailment since the Black Death. Following warnings on Greek, Portuguese, and now Italian debt, the ratings agency Moody’s has downgraded Irish debt to junk status. The agency says it’s likely that Ireland will need a second bailout, following a November 2010 infusion, and predicted that the private sector would be forced to bear some of the burden. European policymakers are concerned about economic chaos in weaker members of the euro zone spreading to threaten the EU’s stronger economies. Meanwhile, riots broke out in Northern Ireland during a Protestant parade when the procession passed an estate full of Catholic youths. Police fired plastic bullets and water guns at the rioters.

    Read it at Reuters