Irish yield spreads are at the same point as Greek debt a month before they agreed an EU/IMF bailout, notes the FT.
EUR/USD has marched higher today despite ongoing fears of a debt implosion in Ireland and Portugal, coming very close to 1.36. we’re at the highest levels since April.
The one thing Europe has going for it now that it did not have in place when Greek debt hit the fan is the EUR 440 bln European Financial Stability Facility, which so far has been untapped, a small comfort to the markets.
