E.U. Seeks to Reassure Jittery Markets on Ireland

As frantic bond investors continued to unload Irish bonds, a top European Union official said Thursday that the bloc stood ready, if needed, to offer a financial lifeline to help Ireland survive its worst economic crisis in decades.

Despite the reassurance, yields on Irish 10-year bonds hit new highs again, touching the once unforeseen level of 8.9 percent and widening the spread between benchmark German bonds to 650 basis points.

“We have all the essential instruments in place in the European Union and euro zone to act if necessary,” José Manuel Barroso, the president of the European Commission, told reporters at the Group of 20 summit meeting in Seoul. “The E.U. is ready to support Ireland.”

Read Full Article from New York Times

- Posted: 2010-11-11 09:11:44

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