The European debt saga continues today as Standard & Poor’s cut its credit rating Ireland’s debt. The premium investors demand now to hold Ireland’s 10-year bonds over German bonds has been steadily creeping higher (with more perceived risk). The spread finished at 330 bps on Tuesday, its highest level since the Greek financial crisis broke out in May.
As I’ve said numerous times and will continue to say to drive the point home, this problem will only get worse…
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