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Pressure on Ireland as investors dump bonds

Pressure on Ireland as investors dump bonds

Ireland's finances are coming under more pressure in advance of the government's latest plans to get out of its debt crisis.
Interest rates on the country's 10-year bonds have reached a new euro-era high of 7.6 percent as investors dump Irish treasuries in advance of announcement of deficit-cutting plans and growth forecasts.
The bond selloff reflects skepticism that Ireland can reverse its huge budget deficit without driving its economy deeper into recession.
The interest-rate premium demanded by investors to buy Ireland's depreciating bonds has doubled in two months.
The 10-year yield rose to 7.62 percent Thursday, breaking a day-old record of 7.45 percent.
Later Thursday, Irish Finance Minister Brian Lenihan plans to unveil growth forecasts for 2011-2014 and the planned size of spending cuts and tax increases in 2011.


Updated : 2021-05-11 15:42 GMT+08:00