The European Central Bank has stepped in to buy Irish bonds to bring down yields on the country’s debt.
Market have reacted, with the price of CDS on Ireland and other PIIGS sovereign debt declining.
This is now the rhythm of the European sovereign debt crisis. Country has a particularly difficult week dealing with bad news about a budget, tax receipts, a inflamed economist, and/or protests. ECB wavers a little bit, then pours in money to stabilise the situation. Everyone goes back to forgetting about said country for a period of time, crisis spikes again.
Ireland is, however, likely to stay on the radar between now and its early December budget.
Photo: CMA Datavision
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