- Sep 5, 2007
The euro crisis: A contagious Irish disease? | The Economist
ON NOVEMBER 21st the Irish government at last gave in. It yielded to pressure from its European Union counterparts to seek an emergency bail-out from the EU and the IMF that may amount to as much as 85 billion ($115 billion). In May, when the Greek government secured a 110 billion bail-out and a joint EU/IMF fund worth a stonking 750 billion was put in place, investors believed and the markets rallied. Not this time. Bond yields in Ireland dropped back to 7.93%, but rose to 4.75% in Spain and 11.75% in Greece.