Irish bond yields have seen the biggest one-day jump since the launch of the European single currency as a result of a wave of forced selling by bondholders and the country’s cash-strapped banks.
Benchmark 10-year bond yields rose by more than half a percentage point to 8.28 per cent on Wednesday while the country’s spread over benchmark German bonds soared to 6.19 percentage points – both record highs since January 1999.
“The Irish situation seems to be getting worse by the day,” Don Smith, economist at Icap, said. “These yields are unsustainable. Ireland is close to losing credibility among investors, if it hasn’t already.”
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