Ireland credit default swaps widen. CDS allow speculators to buy and sell “insurance” on Ireland’s debt. The cost of such insurance in now soaring, up 20% in one day.
German 10-year bond auction fails for second time. Germany is considered to be healthier than other European countries, yet they couldn’t sell all of their debt.
“Catastrophic decline” in Japan GNP.
Europe economy craters in worst contraction since record-keeping started in 1995.
S&P heads to first quarter ever of negative earnings.