possibility” that Ireland will need to seek aid from
They also set up a 750 billion-euro rescue fund to help countries get out of a Greek-style crisis. air max 180 air max 2009 “It sounds terrible but it might speed things up,” said David Malone, 40, who runs his own corporate communications company in Dublin. “It can’t get any worse. We’re on this road for two years now and there’s still no sign we’re at the end.” While Ireland says it has the funds to avert an immediate bailout, its cash may run out by the middle of next year unless the country can sell bonds. In September, Ireland canceled bond auctions scheduled for October and November. Yields, Swaps The cost of insuring Irish debt rose the most of the so- called euro peripherals -- Greece, Portugal, Spain and Italy -- during the past month as the government struggles to convince investors it won’t be the next Greece. Shox R3 air jordans The difference in yield, or spread, between 10-year Irish bonds and German bunds of similar maturity climbed 207 basis points since German Chancellor Angela Merkel said on Oct. 29 that bondholders should foot part of the bill in a new mechanism for rescues being drafted by EU leaders, rankling the Irish. “It’s not helpful to suggest Europe is going to restructure other countries’ debts,” Lenihan said on Nov. 3. “Ireland has made it very clear we’ll honor our debt and obligations. There is no question of restructuring our debt.” The spread stood at a record 647 points yesterday, up from 205 basis points on May 3, the day after the terms of the Greek package were announced. Two years ago, it was 84 points. Shox R2 Shox R2 Women The cost of protecting Irish debt against non-payment for five years using credit-default swaps was 597 basis points yesterday, lower than the 876 points for Greece, though higher than Portugal at 475 points and more than twice Spain’s cost at 277 points, according to prices from data provider CMA. ‘Humiliating’ Erik Nielsen, chief European economist at Goldman Sachs, said Nov. 8 on Bloomberg Television that there is a “big possibility” that Ireland will need to seek aid from the EU and IMF “unless the markets suddenly calm down.” That would be “humiliating,” according to Eoin McDevitt, 43, a government worker in Dublin who says he earns 110 euros a week less after two pay cuts. Shox OZ Shox OZ Women “Bond yields have risen on issues that aren’t relevant to what we’ve done,” McDevitt said. “We’d involuntarily be giving up control of our own economy to the EU, albeit a friendly body. The IMF makes no secret of not being friendly.” For Montgomery, it’s time for the Irish to pull together and make sure they keep control of their finances, even if that means enduring higher taxes like the Greeks. “If there was a general consensus and we all tried to get ourselves out of this mess, we are more than capable,” he said. “We have plenty of ingenuity.” Shox NZ Shox NZ Women