Irish banks, bonds hit as EU eyes survival plan

[Timna]

Irish banks, bonds hit as EU eyes survival plan

Irish bank shares hit new lows, bond yields new highs as EU eyes Ireland's survival plans

DUBLIN (AP) -- Shares in Ireland's banks hit record lows and national borrowing costs reached new euro-era highs Monday as the government prepared to discuss its fiscal survival plans with the European Union's economic commissioner.

Investors are shunning Ireland's government and bank debt in expectation that the country will eventually require a bailout by the EU and International Monetary Fund, as happened to Greece in May.

"It is increasingly looking like the European Financial Stability Fund is the most likely scenario," said Brian Devine, chief economist at NCB Stockbrokers in Dublin, after another day when buyers boycotted Irish treasuries. He said Dublin's primary dealers in bonds don't believe they "can drum up sufficient demand for Irish bonds at feasible rates."

Irish banks, bonds hit as EU eyes survival plan - Yahoo! Finance

Using a football analogy, the best thing the EU clowns can do is "drop back and punt." Those laughable Europols, definitely on a par with Bernanke and Greenscam.

[MikeD]

"...the country will eventually require a bailout by the EU and International Monetary Fund"

I always find it interesting when I see a reference to the "International" Monetary Fund". Presently, the US pays in 18.25% of the IMF's monies. The next closest countries are Germany and Japan, each at 5.6%.

And many of the members consider this fair. Actually, many members of the IMF say the US should pay MORE! So, who's really supplying monies for other countries to "borrow" in this IMF????