Monday, November 1, 2010

Buy Euros before Ireland Defaults?

The IMF may well be running Ireland by February, ifthe Irish budget "fails to convince the financial markets," warns economist Colm McCarthy in an Irish Independent story on Sunday. Thebudget is due to be released on December 7 and McCarthy believes that ifit does "too little" to convince the markets then the Government will beunable to finance itself, "which means an IMF/European bail-out andeconomic policy dictated from outside the country for the first timesince the State was founded".

McCarthy also warns that Ireland's cashreserves will diminish by spring next year unless they re-enter the bondmarket with an issue of up to buy Euros 5bln. However, the NTMA's Brian Lenihansaid: "The NTMA as the Exchequer is fully funded until late June 2011."He then added, "the Agency has decided not to proceed with the bondauctions scheduled for October and November. The NTMA will return to thebond markets in the normal way in early 2011."

The country's priority,as extolled by McCarthy, is to limit new borrowing in 2011, and to hope for a positive re-entry by Ireland into the bond market.

Visit http://www.independent.ie/national-news/mccarthy-warning-imf-is-at-our-door-2401372.html to read more




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2 comments:

Currency Trading said...

Wow, what a disclosed news you have brought up on this blog. And now I know it I will buy Euro's before anythings goes wrong.

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