Ripple effects of Greek fiasco threaten Ireland’s rescue plan

The Greek crisis is bad news for all eurozone members, and for heavily indebted countries such as Ireland, it leaves little or no room for manoeuvre

8th May, 2010

The fallout from the Greek train-wreck is mostly negative from an Irish perspective.

Our ten-year sovereign borrowing premium against Germany has galloped back out beyond 3 percentage points. Irish ten-year bonds were quoted last Friday afternoon on yields, at mid-market prices, of about 6 per cent, versus about 2.8 per cent for German bonds of the same maturity.

This statement rather implies an active market in Irish bonds, but there is none.

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