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.
