Bond yields moved above 8 per cent this morning, despite reassurances from Minister for Finance Brian Lenihan in recent days that Ireland would not need to access a bailout fund.
At 1.04pm, the yield on the Irish 10-year Government bond was 8.284 per cent, 0.345 per cent higher than yesterday’s close of 7.939 per cent.
Bonds in Ireland, Portugal and Greece have plunged since European Union leaders agreed on October 29th to consider German Chancellor Angela Merkel’s proposal for a permanent rescue mechanism as of 2013 that would involve debt restructuring with losses for private holders of sovereign bonds.
Irish Times