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Ireland Keeps Screwing Things Up

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Europe just emerged from the recession, but the Irish continue to insist on trying to ruin things. The Celtic Tiger is dead, and Eire is reduced to joining the ranks of Europe's financial lepers, Italy, Greece and Portugal.
Credit-default swap prices on the sovereign debt of those countries are rising, meaning that Fitch Ratings might be on to something.
However no one, it seems, not even the Irish, have anything on the Greeks in terms of fiscal brinksmanship.

Greek government-bond prices have been hammered lately because of concern about the country's public finances and banks.
This month, the European Commission, the bloc's executive arm, chastised Greece over the shoddy state of its finances, directing the government to present regular progress on improvements. Last month, the Greek government said that its deficit will hit 12.7% of national income this year -- the biggest in the 16-nation euro zone and twice previous forecasts from just two months ago.

Beware the company you keep, Ireland.
EU's Weakest Draw Scrutiny [WSJ]


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