Αρχική Ρύθμιση των Χρεών Υπερχρεωμένων ΚαταναλωτώνΆρθρο 4. Σχέδιο Διευθέτησης ΟφειλώνΣχόλιο του χρήστη Χαρης | 3 Νοεμβρίου 2009, 12:17
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Nov. 3 Irish debt is no longer considered the riskiest in the 16-nation euro region as the government cuts spending, raises taxes and moves to clean up the banking system. The CHART OF THE DAY shows the cost of hedging against losses on Irish government debt has plunged 257 basis points since February to 139 basis points, according to CMA DataVision prices for credit-default swaps. Greece’s bonds are now the most expensive to insure with the swaps at 141 basis points. Ireland is setting up a so-called bad bank to purge souring real-estate assets and Finance Minister Brian Lenihan has said spending will be cut by about 4 billion euros ($5.9 billion) in the budget on Dec. 9, as he seeks to keep the deficit at about 12 percent of gross domestic product. In Greece, the government said last month that the 2009 budget shortfall will be double the previous administration’s estimate, prompting Fitch Ratings to question the country’s “credibility.” “People sometimes compare Greece and Ireland, but the trust in Greece has been destroyed just as it’s coming back to Ireland,” said David Keeble, the London-based head of fixed- income strategy at Calyon, the investment-banking unit of Credit Agricole SA. With Ireland preparing a “tough budget,” the nation’s credit will continue to improve “as people jump on the Irish bandwagon,” he said. Credit-default swaps tied to Ireland’s bonds soared to 396 basis points in February after the government was forced to pump 7 billion euros into the country’s two largest banks and to nationalize a third, CMA prices show. The increase signaled a deterioration in investors’ perceptions of Irish credit quality and meant it cost $396,000 to insure $10 million of the nation’s debt from default for five years. Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a country or company fail to adhere to its debt agreements.