Yield spread between Irish and German 10-yr bonds was roughly 450 basis points 2 days ago and after the announcement about the rescue "package" for Anglo Irish Bank going to about $68 billion euros, this narrowed slightly to 429 points.
Irish budget deficit is expected to be around 1/3rd of the GDP.
Does this spell bad news for the EURO? I'll let you guys finish the story :)
eurusd topping?, page-63
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