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The following article was published in our article directory on November 10, 2010.
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Ireland CDS Break 600 Mark

Article Category: Business

Author Name: xia zihui

The authority of one of the world economic data, U.S. financial services company (CMA) data released on Monday, the Irish national credit default swaps (CDS) index soared to 606 basis points, breaking the 600 mark. This is undoubtedly Ireland's sovereign debt to the current situation worse, further deepened investor concern.

Meanwhile, the data also show that the Irish 10-year Treasury yields continue to rise, the euro once again set a record since the founding. On Monday, Ireland and Germany, the spread between yields similar is soaring to record 550 basis points, while the euro since its inception the index up to 536 basis points.

Ireland: another round of debt crises in Europe the fuse?

Currently outside the Irish media have speculated whether the step of Greece's footsteps, eventually lead to a new debt crisis staged in Europe. Total external debt of Ireland in 2009 about 2.3 trillion euros, while the GDP of only $ 285,000,000,000.

With the rise of Ireland's recent fiscal deficits and debt increase, the CDS index ever higher on Monday surged to a record 606 points, reflecting a default of debt investors in the Irish extreme concern. At present, China's sovereign CDS index is about 70 or so.

Index of credit default swaps (CDS) is a measure of the benchmark credit default economic entities, the higher the index means the greater the degree of credit deterioration of economic subjects.

CDS Allied Irish Banks rose 43.5 basis points to 899.5 basis points; CDS Bank of Ireland rose 37.5 basis points to 724.5 basis points. At present, Bank of Ireland about 800 billion dollars of bad debts, accounting for GDP, 1 / 3, the fiscal deficit-GDP ratio has reached 11.5%, comparable with Greece.

But on the evening of December 4, Ireland, the former finance minister Lenihanti announced a release scheduled for mid-budget reduction plan in an attempt to reassure investors. Under the scheme, the Irish government next year will increase by 60 billion euros of savings and tax revenue, accounting for 3.6% of its GDP; in the next four years, saving 15 billion euros. Goal is the budget deficit by 2014 in the proportion in the GDP from the current 12% to 3%. In fact, if the calculation of the cost of bank bailouts go, Ireland this year's deficit will reach 32% of GDP.

Ireland currently has cash reserves of 20 billion euros the year without funding guarantees, but these reserves can only last until June 2011, that time can not be successful if the Irish funding from the international market, it would have to apply the same as the Greek international assistance. This is undoubtedly the most reluctant to see the results of the Irish, but also the biggest blow to the confidence of investors.

Greece: against the German debt restructuring

Greek Finance Minister Papaconstantinou recently against growing debt crisis in Europe made out his own voice, he made clear that Germany's debt against restructuring plans.

Germany's debt restructuring plan calls for bond investors should join forces with the Government to bear the losses caused by defaulting on its debt. The plan intends to implement in 2014, the government issued after the existing package of new bad debt, so that investors and the Government bear the loss.

At the London School of Economics, Papaconstantinou honestly say that debt restructuring will greatly hurt investor confidence, making it refused to buy government bonds. He also said that euro-zone countries tide over the current need to live frugally, Greece has already started to cut the budget deficit into action. In addition, he continued to run the United States welcomed the quantitative easing policy.

Germany's recent volatile economic data, but strong overall trade data. September trade data than expected surplus of 12 billion euros, to 168 million euros, 9.0 billion higher than last month. The same strong current account surplus reached 140 billion euros. Exports increased by 3.0% monthly rate, double the 1.5% increase, while imports were significantly weaker than expected monthly increase of 1.0%. September industrial output fell by 0.8%.

At present, Ireland is indeed a huge deficit concerns about the market, while market debt crisis of the EU to reproduce the warming panic is also reasonable.

EU: Irish need "foreign aid"

Yesterday, the European Commission responsible for Economic and Monetary Affairs Committee Olli Rehn concluded his two-day visit to Ireland. According to plan, Rennes trip focused on the Irish government budget cuts announced last week plans to be checked.

In the subsequent press conference, Rehn said: "The Irish do not need any external assistance. This time we only discussed the Irish four-year plan and budget cuts next fiscal year's budget, there is no discussion of any matters relating to external assistance . "

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