Friday, June 24, 2011

Yields go past 12% and we’re printing t-shirts

It might only have been for a fleeting moment but the measure of Irish 10-year bond yields as constructed by Bloomberg broke through the 12% barrier this morning.

Bond Yields 1D 24-06-11

It fell below 12% as quickly as it rose above it but at 11.9% the difference is marginal.

What has been the response of the Minister of Finance? “Let’s print some t-shirts.”  This is from a report in today’s Irish Examiner.

"We are thinking of printing t-shirts in the Department of Finance, they won’t be given out free, they will be for sale of course, saying ‘Ireland is not Greece’ ... across the front and back of them," Noonan said.

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