Wednesday, November 10, 2010

Irish eyes ... continued

The grief goes on as the yield on 10-year bonds rose above eight percent for the first time since the launch of the euro, 11 years ago. The cost of funding Irish debt has risen steadily since September, when the government admitted its bailout efforts of five banks would cost at least €45 billion, equivalent to €10,000 for every man, woman and child in Ireland.

That gargantuan bill, in turn, has made the projected 2010 deficit rise to 32 percent of GDP, the highest in post-war Europe.