Irish Bund Spreads Pass 600bps, 100bps Wider In A Week
This was at 500 a week ago. The catalyst is a statement from EU's Rehn that there has so far been no request of EU financial aid from Ireland. Otherwise nothing much to see here: the higher the spread goes, the faster the market will ramp up. After all, worst case the Fed will merely have to give the ECB a few hundred billion in excess liquidity which in turn will be funneled into bankrupt Irish banks, which, in turn will turn around and buy Amazon and E-bay.