David Prosser: Ireland gets bond issue away, but at a price
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook At first sight, the ease with which Ireland got its €1.5bn (£1.27bn) bond issue away yesterday should prompt sympathy for those in the country who have become crosser in recent days about speculation its finances are not sustainable.
One can see their point. The latest round of angst was prompted simply by an analyst's note last week, which the Government and the Central Bank of Ireland have both rejected. Nothing material seems to have changed over the past month.
Still, just look at the yields on Irish sovereign debt right now. At 6 per cent plus on longer-term debt, investors in Ireland are demanding interest payments of around four percentage points more than they charge for buying German bonds. Indeed, the yields are broadly equivalent to what Ireland would have to pay were it ever to have to go cap in hand to the new Eurozone rescue fund. Not quite such a vote of confidence then.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments