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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