Bond yields rise to record high

The cost of servicing our debt is rising again.

The interest rate demanded for 10-year Irish government bonds has been hovering around the 7% mark today - the highest levels since the launch of the euro in 1999.

Investors seem unconvinced about the latest economic assurances being given by Government.

The yield rate has fallen back somewhat this afternoon, however that is being attributed to speculation that Irish bonds are being bought up by the European Central Bank.

Some market watchers suggest Ireland will have to avail of the EU bailout fund by the end of the week if the bond yields increase further.

But Taoiseach Brian Cowen says the Government has time on its side.

"The National Treasury Management Agency have confirmed that we are funded right up to the middle of next year," Mr Cowen said. "I think it's important to emphasise that point.

"The Government has shown consistently our preparedness to do what is necessary to ensure that there is international confidence in the direction that the economy is taking."

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