Updated, 17.01
IRELAND’S 10-YEAR BOND YIELDS HAVE risen above 8.6% for the first time.
The bonds weakened for the 11th consecutive day yesterday, according to the Irish Times, and closed at 7.938%.
Prices caused Germany’s Commerzbank to warn its investors that Ireland’s economic situation was moving “into Greek territory”.
Minister Lenihan told the BBC last night that Ireland will return to the markets next year to raise funds through bond sales.
However, the government needs interest rates being demanded by investors to fall substantially before Ireland heads back before the markets in early 2011, the AP reports.
Yesterday’s price spikes for gold and silver were believed to have been a by-product of the Irish bond situation, as investors sought more secure investments.
Commerzbank also blamed the decline of the euro against the dollar on Ireland and “other periphery” eurozone countries, according to the Irish Times.
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