With all the talk of Greece and the market pounding, there were two big stories that probably didn’t get enough attention today.
The first comes out of Ireland — the other crisis hotspot — where FinMin Michael Noonan has revived demands that bondholders be given haircuts. This is precisely what’s caused such a freakout in Greece, and if it hadn’t been for Greece this probably would’ve been a bigger deal.
Of course, the market recognises that Ireland could easily be the next Greece. Have you not seen the explosion in 2-year yields in just the last couple months?
A recent claim from Noonan that the country has enough money to get through 2013 has obviously fallen on deaf ears.
The other big story concerns the brewing constitutional crisis in the US over the war in Libya, with the GOP claiming that Obama will be in violation of the War Powers Act without a vote from Congress. This got a fair amount of media, but actually seeing the Congress refuse to roll over when the President is using force is remarkable.
One last thing: There’s a potentially troubling nuclear situation in Nebraska.
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