Last month, Moody's downgraded Ireland's debt stating "The main drivers for the downgrade are... the government's gradual but significant loss of financial strength, as reflected by the substantial increase in the debt-to-GDP ratio and weakening debt affordability. Ireland's weakened growth prospects as a result of the severe downturn in the financial services and real estate sectors and an ongoing contraction in private sector credit".
We could easily swap out Ireland with U.S. Think that it can't happen in good old U.S. of A.? You might want to reconsider.