Has the Run on Ireland Begun?

[Squire Allworthy]

The bond sale was a success - marginally lower rates (but still lower) and well oversubscribed.

10 year bond at just under 6% still (down about 1% but still extremely high).

[COLOR=Blue]Looks like a nothing reaction from the markets to Anglo news - bond market will probably wait and see what comes out at the end of this month. [/COLOR]

That WSJ article linked previously is reasonably positive too

Will Ireland’s Success Lift Markets? - MarketBeat - WSJ

Who was buying?

The nothing reaction to Anglo is probably because nothing has changed in any fundamental way.

[Conor]

I take the point that they may have Irish debt but it's clear that in the recent past they have preferred debt from the other PIIG counties over ours.

No, that isn't clear at all. There's simply no basis for that inference. The article says less than you seem to think it does.
Look at it this way - if Norway were taking an odd approach to Irish debt compared to the other PIIGS, why would that not be commented on?

[adrem]

Who was buying?

The nothing reaction to Anglo is probably because nothing has changed in any fundamental way.

yep

[WTTR]

But you accept that in the context of the article they have recently bought Greek, Italian, Spanish and Portuguese government debt but not Irish debt? Does this nit strike you as odd seeing that Greece is so up the Khyber?

The Norwegians made their money from oil/gas. They hope to continue making their money from oil/gas, this time off the Irish coasts!

However unlike the maverick Irish bankers and politicians with their investment in property hang-ups; their Investment Personnel obviously heed good solid and proven banking rules in connection with having enough exposure to the Irish economy in one basket. Why buy Irish bonds, when their strength lies and is gained from exploiting the vast ocean that borders half their country, first fish, now oil?

Whereas the Irish who have the ocean all round us are like the egg in the duck's arse. We have not a clue about the riches beyond our land borders not to mention ability to negotiate a favourable deal.

We have politicians that are STREET ANGELS on the international scene, both from a financial and hydrocarbon handout point of view; but are DEVILS at home in exploiting and financially abusing their own people! Yet, they keep getting voted in!

[Dreaded_Estate]

10 year bond at just under 6% still (down about 1% but still extremely high).

I presume you mean 0.1%

[Biffomania]

I believe that Biffo's spellbinding "Ebbs and Flows" statement steadied the international and national markets and in time will rank right up there with Roosevelt's "Day of Infamy" and with Churchill's "We shall fight them on the beaches" speechs.

I also believe that for every drop of rain that falls a flower grows.

[foreignfield80]

Interesting article by Peter Matthews pursuant to the recap needs of BOI and AIB, probably a bigger story than Anglo themselves.
What a rotten mess this all is.

Stark reality of losses at AIB and BoI must be faced - The Irish Times - Thu, Sep 09, 2010

[Kevin Doyle]

You know what, I get the nagging feeling that FF might just be able to hang on here and put through a series of brutal budgets and actually poll quite well in the next election providing they manage to stave of a default. I really thought the writing was on the wall for them on Tuesday.

[Boggle]

You know what, I get the nagging feeling that FF might just be able to hang on here and put through a series of brutal budgets and actually poll quite well in the next election providing they manage to stave of a default. I really thought the writing was on the wall for them on Tuesday.

You may be right but there's a long road yet. It has stabilised but it stabilised in june also. If in a few months time the international sentiment turns against us again then we could see another increase.

Basically it's important that they now get pro-active and get ahead of the curve.

[tempest]

CNBC broadcasting from Anglo HQ today, clips of Brian Lenihan and Joan Burton online:

Ireland 'Punished' for Honesty: FinMin
News Headlines

Irish Banks in the Spotlight
News Headlines