Perplexed

The writer finds himself more than a little puzzled by the continued lack of excitement being generated by the recent trajectory of Irish government debt. Briefly, Bloomberg is currently quoting the yield on the 10-year at 8.63% and the 3-year at 7.57 - 257 bps above the rate that the country can borrow (as Greece did) for the same term from the EFSF.

Not that the it's going totally unnoticed, but we'd suggest that the probability of a fat tail event taking place is inversely proportional to the attention such a possibility receives from the press and blogosphere - meaning that if the reader thought he or she should run for cover last spring, this might be the moment to actually do it.

An Irish debt restructuring in one form or another is absolutely imminent. We believe that this will not be as tender and loving an affair as that enjoyed by Greece.

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Ibex Salad regularly updated features...

• Eurozone Yields & Spreads
• Pending & Recent Spain Bond Issues
• Extra Lettuce - Spain Economic Charts