Cost of borrowing rises for 12th consecutive day

THE cost of borrowing to the Irish state continued to rise yesterday for the 12th consecutive day and stood at 8.89% for 10 year bonds by late yesterday afternoon, yet another record high.

Irish bonds have now endured their longest losing streak in at least three years, Bloomberg said.

Alan McQuaid, chief economist with Bloxham Stockbrokers, warned last night “the risk is increasing by the day we will have to call the EU or IMF to bail us out of the current crisis”.