Ireland: return to health or brief respite?

Despite returning to the international debt markets, Ireland's problems are far from over.

Ireland made a triumphant return to the international debt markets this week after exiting its three-year European rescue programme.

In a heavily over-subscribed offering, Dublin sold €3.75bn of ten-year bonds priced to yield 3.5%, raising almost half the funding it needs this year. The yield on existing ten-year Irish paper fell to an eight-year low of 3.5% down from 14.6% two years ago as prices rose.

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