Here’s a great sign of the panic surrounding Ireland today.
5-year Credit Default Swaps on Anglo Irish Bank went straight vertical today according to CMA, blasting well past old highs.
All day there’s been ongoing chatter about the cost of the bailout, and whether the Irish government really had the financial means to save the bank. Just a few days ago, the answer to that was: yes, the government does have the means, it’ll just be costly.
Today the answer is less clear.