Cost of insuring against Irish government defaulting rises

The cost of insuring Irish debt hit 350 basis points on Friday, putting the cost of covering €100 of debt at €3.50, up from 10c a year ago, the Times reports.

In a story suggesting the International Monetary Fund and rich countries may have to rescue the Irish economy, the Times compares insuring Irish debt to other countries.

  • Greek debt costs about 250 basis points,
  • Italian debt costs about 170 basis points
  • UK debt, which has also risen sharply, costs about 150 basis points.

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