Irish Banking Troubles and Debt Problems Still Very Bad
By: Cadie Thompson | Technology Editor, CNBC.com
The Irish have got a lot of things right... beer, scenery, accents. But they just can't seem to get their finances in order.
A Barclays note released Thursday, which proposed the government should consider some form of debt-for-equity swap with banks' debt holders, further rattled the country's troubled banking sector, which in-turn spurred the cost of insuring the country's sovereign debt to a record high. Ireland's 5-year credit default swap hit 425 basis point Friday.
And with rumors flourishing that Ireland may need to reach out to the European Union and the International Monetary Fund to help cover its debts, markets remain highly sensitive. » Read More at CNBC.com
Ireland has a lot of things going for it, good beer, good scenery, charming accents. But it just can't seem to get its finances in order.
