IRELAND’S borrowing costs hit record highs yesterday after two creditrating agencies warned its debt is at risk of further downgrades, piling pressure on the Government to bring the budget forward.

THE first serious cracks in Brian Cowen’s authority over his party appeared last night as Fianna Fáil backbenchers predicted he would be gone within months.

IRELAND is highly unlikely to default on its burgeoning national debt despite a second downgrading in 90 days of the state’s sovereign debt rating.