Irish bailout fails to restore faith in PIIGS debt

Irish euro

Despite the promise of a European Union and International Monetary Fund bail-out of up to €90 billion for Ireland, five-year credit default swaps (CDS) on the country's sovereign debt widened from 503.4 basis points at close of trading on November 19, to 525.6 bp at 16:30 today, implying persistent investor fears over Ireland's solvency.

Worries over peripheral European debt spread beyond Ireland - CDS on Greek sovereign debt jumped from 963.3 bp to 1001.4 bp today, and spreads on Portugal went

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