Morgan Stanley: Ireland’s bailout failed, and the euro can’t be saved
A Morgan Stanley analyst reckons the 5.8% rate is too high, and moves to hit bondholders will backfire.
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A Morgan Stanley analyst reckons the 5.8% rate is too high, and moves to hit bondholders will backfire.
Ireland’s cost of borrowing remains at new highs – and so does that of Spain, Portugal and (worryingly) Italy.
Fears over the future of Ireland’s economy, and whether a bailout can be secured, sends borrowing costs to new highs.
The markets are officially over the Irish bailout: bank shares are diving, while bond yields are still on the up.