Is a bubble about to burst again?

It was not so long ago that the eurozone and US seemed to be well on the road to recovery. So what happened, asks Kyran Fitzgerald.

A slump in share prices. Renewed talks of crisis in the eurozone. An increase in the cost of borrowing borne by governments on the eurozone periphery. Irish bond yields edging up a little towards the 2% mark just as the ratings agencies raised questions over the Government’s strategy of modest budgetary belt loosening.

By Thursday, that old familiar feeling was back, that sense of a bubble bursting and of crisis resumed.