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Thread: Irish sovereign debt riskier than Iraq's

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    Politics.ie Member Ulster-Lad's Avatar
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    Default Irish sovereign debt riskier than Iraq's

    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.
    Last edited by Ulster-Lad; 7th October 2010 at 10:24 PM.
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    How much more of this s**t do we have to put up with?

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    Politics.ie Member Ulster-Lad's Avatar
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    Quote Originally Posted by deiseguy View Post
    How much more of this s**t do we have to put up with?
    All of it apparently.
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Politics.ie Member Dreaded_Estate's Avatar
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    5th riskiest country in the world

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    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."

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    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
    Last edited by He3; 7th October 2010 at 11:51 PM.
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