From the annals of great Reuters flashes:
RTRS-IRISH PM COWEN SAYS WILL BE A BIT MORE CAUTIOUS ABOUT HOW HE CONDUCTS HIS SOCIAL LIFE
Although Brian Cowen probably has more pressing concerns by now.
Following our story that Barclays Capital are warning that Ireland may have to approach the IMF — also reported by the Irish Independent — here’s the action on Friday in the Irish 10-year bond yield:
And, for comparison’s sake, the Portuguese 10-year bond yield:
And — to make the comparison — we’d note that they’re both above 6 per cent. Which is what Barcap have also called in the past an ‘unbearable’ rate compared to the 5 per cent rate that would be offered from the EFSF.
Weirdly enough, Portugal’s Diario de Noticias also reported on Friday that former finance ministers an opposition finance spokesperson had warned of the country’s recourse to the fund being only a matter of time.
The clock is ticking, then. Meanwhile, here’s Ireland 5-year CDS dancing a widening jig on Friday to a record high of 435bps — chart via Markit:
Related links:
A Portuguese canary – FT Alphaville
The Big Pffft and the Euro-peripherals – FT Alphaville