Sunday, February 15, 2009

Ireland in the crosshairs for default watch.

Timesonline: Ireland "could default on debt."

FEARS are mounting that Ireland could default on its soaring national debt pile, amid continuing worries about its troubled banking sector.

The cost of buying insurance against Irish government bonds rose to record highs on Friday, having almost tripled in a week. Debt-market investors now rank Ireland as the most troubled economy in Europe.

I believe the next aggressive move needs to be made by the ECB who look to be fiddling while the economy burns. ECB inaction seriously risks another leg down for the global economy.

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