New York Times
November 23, 2010
Investor concerns persisted Tuesday about the possible need for additional financial aid for countries in the euro area as Ireland prepared to release details of additional budget-cutting measures and Greece’s restructuring efforts met with approval from international lenders.
Although Ireland has agreed to accept aid from its European partners and the International Monetary Fund — expected to be close to €100 billion, or $134 billion — the weakness of the Irish coalition government, along with wider worries that Europe might be required to bail out Portugal and perhaps Spain, is continuing to put pressure on the price of debt in countries considered vulnerable.
“Markets don’t believe that the bailout of Ireland will be the end of the story,” said Nick Stamenkovic, a fixed-income strategist at RIA Capital Markets in Edinburgh. “They’re testing the mettle of the authorities. Portugal’s the next major concern.”
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