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Thursday, November 11, 2010

Report: Discussions underway to assess readiness to activate EFSF for Ireland

by Calculated Risk on 11/11/2010 08:20:00 PM

Please don't miss my earlier post: Labor Force Participation Rate: What will happen?

From the Irish Times: Merkel refuses to back down over debt burden

The Irish Times has established ... that informal contacts are under way between Brussels, Berlin and other capitals to assess their readiness to activate the €750 billion rescue fund in the event of an application from Dublin.
Note: The European Financial Stability Facility (EFSF) is complicated and currently unfunded.

Also from the Irish Times (I noted the bank funding issue this morning based on information from a contact in Europe): Investor concern hits Irish banks as funding costs soar
INVESTOR CONCERN switched to the Irish banks yesterday as the cost of funding for AIB and Bank of Ireland rose to record levels and the credit-default swaps on Irish banks soared.
And from the Irish Times: G20 concern over Irish debt as bond yields pass 9%
Last night the rating agency Moody’s said it was awaiting the release of Ireland’s four-year fiscal plan later this month to decide whether to downgrade the country’s credit rating.