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Irish sovereign debt riskier than Iraq's


Ulster-Lad

Well-known member
Joined
Oct 26, 2006
Messages
10,092
Ireland's country debt is at a greater risk of default than that of Iraq's and Romania's as its credit default swaps (CDS) saw the worst deterioration among its sovereign peers over the third quarter this year, CMA DataVision said on Thursday.
The cost of insuring Irish debt against default or restructuring for five years leapt 72 percent between July and September, above Portugal's 30-percent jump and the 28 percent increase seen for the U.S.
Ireland is grappling with debt that is set to 155 billion euros (135.6 billion pounds) this year as its wrestles with the cost of bailing its banks.
Irish sovereign debt riskier than Iraq's - report - Yahoo! News UK

The situation is getting worse not any better. :mad:
 
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nosurface

New member
Joined
Feb 5, 2009
Messages
1
I find the whole saga even scarier when I read about foreign news sources reporting it more succinctly and pointedly than our domestic media.

Here's a good example: Ireland: Europe's Biggest Basket Case

I think this captures the problem quite well:
"Ireland had incredibly reckless banks, coupled with weak regulators and a complicit political class," he said. "The result was a housing and credit bubble that dwarfs even what we've had here in the U.S., with a bailout tab that would make Tea Party advocates run for the hills."
 

He3

Moderator
Joined
Oct 1, 2008
Messages
17,094
Guess what some pension fund managers want to invest in? And want a change in the Pension Act to allow them buy in?

Here’s an, erm, simple solution to the problem of Ireland’s ballooning deficit and pension funds rocked by ultra-low bond yields; just have them buy Irish bonds:

(Reuters) – Ireland’s pension industry is seeking a change to regulations that would allow it to price annuities based in part on Dublin’s government bonds, leading to more purchases of the hard-pressed sovereign’s debt.

Let them eat Irish bonds - Tracy Alloway
 
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