In an eventful week, Ireland raised a further €1.5bn in debt, equally split between six- and 10-year borrowings that helped to pre-fund part of the budget deficit into next year. But the National Treasury Management Agency (NTMA) is paying a hefty price for what is effectively a fighting fund to insure against the storms that lie ahead.

Moody's downgrade early on Monday left little lasting effect on interest rates that Ireland had to pay as the credit rating agency was seen as catching up with the lower ratings its rivals already applied. But it was a reminder that international commentators will continue to monitor the government's monthly revenues.

To borrow €750m for 10 years, the NTMA paid an interest rate of 5.53% – lower than the market rate of 5.56% indicated immediately ahead of Tuesday's debt auction. Other countries, including Spain and Portugal, which face escalating debt piles, also successfully raised money albeit for short loan periods.

At the end of the week, the numbers continued to signal that Ireland and Portugal, at respective market rates of 5.43% and 5.52%, remain in danger. Germany pays about 2.7% to borrow money for 10 years and the Italian rate of 4% is also significantly lower.

The crisis for Ireland has lasted longer than most. Last summer key interest rates were only 16 basis points lower here. The crisis hit Portugal more recently – its 10-year interest rates have soared by 1.33% (133 basis points) since last July 2009. Figures suggest there'll be no easy unwinding of the crisis for Ireland.