Ireland's Deficit Spirals
Two events have dominated the sovereign credit default swap world this week: one important and the other one markedly less so. The first was the Irish government's clarification of its bank bailout plans. The uncertainty surrounding the issue has made a major contribution to market volatility in recent weeks, and Ireland's spreads went beyond 500 basis points to another record wide on Tuesday. Finally, on Thursday morning, the government published details of its plans.
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