Light at end of the tunnel

Ireland has a long way to go in its economic recovery, but we will need help from others to surmount our debt problem, writes Jon Ihle.

23rd December, 2012
'Fears about the banking system have been allayed for the medium term and banks are putting that liquidity into the bond markets'. Photo: Bloomberg

This time last year, European markets were in turmoil. Investors were retreating from any asset with a hint of risk and pouring funds into so-called 'safe havens', such as German bunds. The spread between the yields on bonds issued by core eurozone countries and peripheral countries widened and, worse, banks stopped lending to each other. A second credit crunch beckoned.

This was a delicate situation for Ireland. Just over a year before, in November 2010,...

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