At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread to the periphery first and then to the core shortly thereafter. The only question is when.
This latest debacle is brought to you by our predatory and criminal international banking system which, after cratering the world economy through their greed and lack of concern for consequences, are no doubt exploiting the Ireland situation, hoping to make money by shorting Ireland debt even if that does push the country closer to the brink.
It’s that magic of the marketplace thing, I’m sure Ireland is thrilled to be participating in it.