Friday, November 26, 2010

Ireland NOT Unique

From Reuters ;
EURO GOVT-Bunds rise on periphery nerves; Spanish yields up
"Yet again, we've kind of shot ourselves in the foot this morning in terms of the front page of the Irish Times talking about how senior bondholders may have to burden-share in relation to the Irish banks," a trader said.
"If the story in the Irish Times is true, Spain and Portugal and Italy and everybody will be feeling the effects of it," he said.




And from the NYTimes;
 
Irish PM's Majority Down to 2 With Election Loss
Sinn Fein candidate Pearse Doherty won an overwhelming 40 percent of votes in Donegal, northwest Ireland, according to election officials. The final result from the six-candidate race is being announced later Friday.
Cowen faces a struggle to win votes on raising taxes and cutting spending after the 2011 budget is unveiled in parliament Dec. 7.

AND
 
Until now, Ireland has stressed that its financial laws give 100 percent protection to senior bondholders, just like depositors.
"The constant 'goal post moving' in terms of regulation ... does enormous damage to investor and entrepreneurial confidence," Ostwald said in a note to investors, adding that such talk will cause government bond yields to rise even in countries like the U.S, Britain, Germany and France.

Coming soon to a theatre near you.
See Dubai Not Unique

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