The Irish government is finally laying it all out on the table regarding the bailout of troubled bank Anglo Irish.
Finance Minister Brian Lenihan says supporting the bank will push the Irish budget deficit to 32% GDP.
Let that sink in.
But, he says, the government is fully funded until the middle of next year, and that starting early next year, Ireland intends to return to the bond market, and to to be on a path towards getting the deficit to within 3% of GDP.
Stocks are only down modestly, and 10-year yields are actually coming in. The market likes the transparency today.
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