Thursday August 6, 2020

Why we're not crying like Argentina

COMMENT: Irish governments were right to resist the call to default on sovereign debt

6th July, 2014
The costs of default are uncertain and depend greatly on country circumstances and the way the default is exercised. But the available evidence suggests an Irish default would have been costly.

The travails of Argentina in distant US courtrooms can seem like something from a different economic world. But it is just a few short years since the option of an Irish default was being hotly debated.

As recently as mid-2011 - with Ireland already in a bailout programme and months into the term of the current government - yields on eight-year bonds reached close to 16 per cent. Based on the risk premium over German...

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