ON FOOT of the record cost of borrowing for the Irish state – which today closed at 7.141% – has seen the cost of insuring against an Irish default hit record levels once more. Earlier this afternoon the cost of an Irish ‘credit default swap’ hit 5% for just the second time – meaning that borrowers with €10m in Irish debt will have to pay €500,000 a year to insure themselves against the cost of a bailout. It means the world’s markets believe there to be a 28% chance that Ireland will fail to meet its repayment obligations in the next five years.

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Cost of insuring against Irish debt hits record high

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.