Treasury Today Country Profiles in association with Citi

Ireland and the euro

Just when it seemed the crisis facing the euro had seemed solved, pressure has been building up on Ireland in the past few days. Spreads over comparable German government securities have now reached more than 6% since October, twice the crisis level of May. Even though the country’s debt management agency is sitting on a comfortable €20 billion cash pile, the volatility has not been smoothed by rumours and denials of urgent negotiations between Dublin, Brussels, Frankfurt and, most recently, London and Washington. It now seems likely that a solution involving “tens of billions of euros” will be produced, according to the country’s central bank, but still denied by its political leaders.

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