Ireland Investors Are Heading for Exits, Nomura's Sheard Says

[marmar]

Nov. 11 (Bloomberg) -- Investors are signaling European politicians they are prepared to “head for the exits” amid concerns about Ireland’s debt, according to Paul Sheard, chief global economist at Nomura Securities International Inc.

“Bondholders don’t want to be left holding the bag,” Sheard said in a radio interview on “Bloomberg Surveillance” with Tom Keene. “Politicians are increasingly worried in Germany and France how they are going to be able to sell a bailout of bondholders to their own taxpayers.”

Irish bonds fell for a 13th day today, pushing the yield on 10-year debt to 8.77 percent. The premium investors charge to hold the debt over German bunds, Europe’s benchmark, widened to a record 651 basis points.

Yields have soared on concern that the government will be forced to seek external aid to help it bail out the country’s banks. Ireland is fully funded until the middle of next year and European Union Economic and Monetary Affairs Commissioner Olli Rehn said on Nov. 9 that he’s got “no doubt” that the nation will overcome its crisis. ..........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=asc6uVxy8en4&pos=4

[brentspeak]

1. The "miracle" of a free-market Ireland that the neolibs trumpeted

[DJ13]

2. The worst thing world banks did when the financial sector sank was to

create a bubble in bonds, which exposes governments around the world to a form of blackmail by the big bond holders of government debt.

That has ceded national sovereignty to the same criminal class that created the fraud that led to the financial crisis in the first place.

Now those criminals are exerting pressure to permanently undo all national safety nets for the average person so they can avoid taxes around the world.