As the Irish 10-year yield surges to new record highs by the day, Ambrose Evans-Pritchard wonders whether Ireland has just a precious few moments before full-on crisis:
Ireland has been desperately unlucky.
The bond crisis is snowballing out of control before the country has had enough time to let its medical, pharma, IT, and financial services industries (don’t laugh, some of it is doing well) come to the rescue.
Yields on 10-year Irish bonds surged this morning to a post-EMU high of 7.41pc.
Yes, Ireland is fully-funded until April – and has another €12bn in pension reserves that could be tapped in extremis – but that is less reassuring than it looks. The spreads over German Bunds are mimicking the action seen in Greece in the final hours before the dam broke.