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Irish authorities breathe a sigh of relief

The Irish authorities are today breathing a sigh of relief with news that the €1.5 billion bond auction has gone relatively well. There was enough demand to fulfil the total €1.5 billion auction and indeed in the secondary market there has been a reduction in the yield demanded by investors which effectively reflects the growing confidence that perhaps the Irish economy may not need an international bailout.

The last few weeks have been difficult for the Irish authorities with rumour and counter rumour causing havoc in the money markets and causing havoc with investor confidence. Despite denials to the contrary, with regards to a proposed IMF and EU bailout, there is still a suggestion that troubled times are ahead. Even the Irish authorities have acknowledged this has been one of the worst economic downturns in Irish history but government minister after government minister is adamant that no international bailout will be required.

If the authorities can get through the next few weeks then it is highly likely investor confidence will return, default insurance rates will fall and demand for Irish sovereign debt will improve. If the authorities do manage to make it through these troubled times they will certainly have earned their money!

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