Ireland About To Tack On €5 Billion More To Country's Anglo Irish Bailout Bill

euro burning

Photo: Markusram on flickr

Ireland is about to add an additional €5 billion to its bill in the bailout of the country’s Anglo Irish Bank, according to the Financial Times.That would bring the bailout cost to a staggering €30 billion. Costs have not yet risen to the €35 billion suggested by S&P earlier this week.

Markets continue to react to the news, with bond spreads widening yesterday and CDS prices spiking.

Now protesters in Ireland are starting to take aim at the specific bailout of Anglo Irish Bank. One drove a cement mixer with the phrase “Anglo Toxic Bank” into the Irish Parliament today.

Of particular concern of Anglo Irish Bank investors, the company’s second tier debt has been downgraded to CCC on concerns that it will be involved in a restructuring package.

Reminder: Here’s how Ireland got into this bailout mess >

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