Bloomberg Television is reporting that the European Central Bank is stepping in to buy Ireland’s sovereign debt in an effort to provide support to the country (via David Cochrane).
This morning the S&P put a figure on the country’s bailout of Anglo Irish Bank, at €35 billion.
Yields and CDS prices spiked on the news.
Check out this video from Bloomberg Television where they report on the ECB purchases and Ireland’s Foreign Minister Michael Martin defends his country’s position.
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