The International Monetary Fund said that Ireland had not requested financial assistance and that
relations were 'normal'
Posted on 11/10/2010 10:54:22 PM PST by bruinbirdman
Ireland’s cost of borrowing has rocketed to its highest level since the launch of the euro in 1999 after a dramatic sell-off by bondholders and banks.
Ten-year bond yields hit 8.64pc on Wednesday, rising by more than half a percentage point. The sell-off was triggered by a cash-call estimated to be $1bn (£620m) by a clearing house on Wednesday morning.
The International Monetary Fund said that Ireland had not requested financial assistance and that
relations were 'normal'
The move increased concerns that the Irish government will be forced to seek external aid to help it bail out the country’s banks.
On Wednesday night the International Monetary Fund said that Ireland had not requested financial assistance and that relations were “normal”.
Patrick Honohan, the Irish central bank governor, said that the bond markets were over-reacting to Ireland’s problems.
“I think that what we see in the bond markets is maybe a delayed reaction to issues the bond markets have not been focusing on and...at this early stage they are probably greatly exaggerating the problems associated with that.”
He also said that there is no reason Ireland will not be able to return to the bond markets in 2011 as its government steps up austerity measures
(Excerpt) Read more at telegraph.co.uk ...
Ping
We’re next.
Joining the EU has worked out so well for many countries. /s
One E.U. nation after another! I used to explain it to liberal folks that would use the E.U. as a great social experiment like this: if your neighbor and you were in debt, and then you pooled your debt and monies together with another neighbor who was less in debt, for a while three of you would be an economic super-hood. But once your neighborhood’s bills came due after you went on a new power-hood spending spree, it’s doomed to failure. Well, it’s happening now.
Ireland would have saved a lot of money by guaranteeing all bank account deposits but then then telling the banks and the bank’s bondholders that they were on their own.
The USA could have done the same and saved the taxpayers a few trillion.
The big banks committed a fraud.
Having already made guarantees costing billions based on the fraud, after the government took them over, that took some time because of the fraud, it had to revise the losses every couple of months because it kept finding more hidden stuff.
The EU (Germany) will take over Ireland.
yitbos
Wait til ours hit 10%. Hell the TIPS are already negative interest. That should let ya know what is up.
Now the election is over they can start the double dip and blame the Republicans.
My mother-in-law in Dublin said much the same to my wife on the phone last night.
My wife was over there this past July. Said it was economically similar to the Ireland she left in 1988.
.
Ireland ping!
Yep, they will surely try doing so...but not to underestimate the Rep.s on this...they know it’s coming.
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