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Economy
In reply to the discussion: STOCK MARKET WATCH - Wednesday, 1 February 2012 [View all]
xchrom
(108,903 posts)84. Analysis - Ireland/Iceland comparison no longer a joke
http://uk.reuters.com/article/2012/02/01/uk-ireland-debt-idUKTRE81018520120201
(Reuters) - Three years ago, when its banks started to go under, a grim joke was doing the rounds in Dublin, "What's the difference between Ireland and Iceland? One letter and six months."
Now the comparison is back and this time it's a positive.
Ireland's sovereign bonds have been the best performers in Europe over the past six months, with the yield on two-year paper dropping from a high of 24 percent to just over five percent, prompting some investors to ask when Ireland is going to follow Iceland's June 2011 return to global capital markets.
Ireland's success in meeting its targets under an EU-IMF bailout without social or political unrest and its export-focused economy has enabled it to dodge the recent euro zone downgrades by S&P and Fitch and distance itself from fellow bailout recipients Greece and Portugal.
(Reuters) - Three years ago, when its banks started to go under, a grim joke was doing the rounds in Dublin, "What's the difference between Ireland and Iceland? One letter and six months."
Now the comparison is back and this time it's a positive.
Ireland's sovereign bonds have been the best performers in Europe over the past six months, with the yield on two-year paper dropping from a high of 24 percent to just over five percent, prompting some investors to ask when Ireland is going to follow Iceland's June 2011 return to global capital markets.
Ireland's success in meeting its targets under an EU-IMF bailout without social or political unrest and its export-focused economy has enabled it to dodge the recent euro zone downgrades by S&P and Fitch and distance itself from fellow bailout recipients Greece and Portugal.
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