PIIGS on a Sugar High

The debt-ridden euro zone countries have experienced a truly optimistic wave in financial markets since early November and in particular since January 1. The joy was cemented when the credit rating agency Moody's raised Ireland's credit rating on January 17 to "investment grade" again. A country placed in that upper part of the rating scale is not expected to face financial difficulties in the foreseeable future. It is a remarkable development, especially when one considers the rising concern about other emerging markets.