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Dublin: 8 °C Wednesday 22 May, 2013

The 10 countries most likely to default… and Ireland is sixth

Financial information services company Markit has produced a table detailing the 10 countries with the widest credit default swap spreads…

THIS IS FROM a couple of days ago, but Markit recently came out with its latest monthly sovereign CDS report (.pdf).

This table shows the 10 countries with the widest credit default swap (CDS) spreads.

chart

Markit

- Joe Wiesenthal. Reproduced with permission from Business Insider.

Published with permission from:

Business Insider
Business Insider is a business site with strong financial, media and tech focus.

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Comments (42 Comments)

  • There should be no doubt that we are being fed spin & bull from this government.
    FG/Lab have attempted to reimplement their failed 1982 fiscal model. It failed then & will fail now.
    This nation requires structural reform on an unprecedented scale. The burden of state must be removed from the productive sector to allow it to grow.
    Increasing taxation damages growth, competitiveness and will only result in more unemployment.
    The current banking model must be abandoned and replaced with a new, sustainable model. The State subsidised/ NAMAised banking model continues to drain public funds and is not providing credit to the economy.
    The EU/ECB should be left in no doubt that Ireland will vote no to the fiscal compact and the supply of public funds to the parasitic banks wil be switched off.

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    • Jerry 10/04/12 #

      Who would be better to run the country I have no allegiance to any party but the whole 166 tds don’t exactly instill any confidence

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    • “If we are to avoid that final ruin, if we are to properly rectify much of what is broken and not merely smother it in inflationary balm and patch it over with a plaster of false accounting for a further, brief, electoral, half-life, there are three things which we could and should usefully add to the list of the downcast and destroyed.

      These are, namely: that unsound money which is truly the root of all evil; the unfunded mountains of government debt with which such bad money engages in a poisonous symbiosis of executive tyranny and political corruption; the duty-free but rights-encrusted Provider State which waxes fat on that unholy alliance of illusory finance and which not only robs Peter piecemeal to pay Paul, but empowers Pericles to oversee the theft, and so suffuses the commonwealth with a miasma of perverse incentives, ethical degeneracy, and irreconcilable conflicts of interest.

      What lies broken, we can surely fix, but only if we break in turn the habits of mind and the tyranny of the man-made institutions which we first allowed to break the things we value – our freedom of association, our independence of action, and our individual chance of prosperity.”
      Sean Corrigan (The Wasteland)

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    • I agree with you 100% Jerry. Our biggest single problem isn’t our economy, banking system or mountain of debt.
      It’s our political establishment. It’s past it’s sell by date. It has not shown any capacity to tackle this nations problems. It has shown no leadership, conviction or competence.
      This is what needs to be resolved before we can return to growth.

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    • censored 10/04/12 #

      Please don’t quote McWilliams. The attention will go to his head.

      Reply
  • Our elected representives are useless because we are. They may be currupt, stupid, lazy, greedy, etc. etc. etc. Why? Because we allow it. They know our votes are easly got, we buy the lies, we swallow the bullshit and then off we go to squander our votes because we think it’s the right and patriotic thing to do.
    Last general election when a politician asked for my vote I asked him why. He spun the usual old tripe – jobs, economy, no more bailouts etc. I replied that I couldn’t give a shit what he thought about jobs, the economy, bailouts etc. I told him that if I had a job on offer at say, for instance, picking spuds I would expect my new employee to understand that he could not steal from me or lie to me or cheat, that he would work regular hours with due regard for the person that employed him, that he would show a reasonable profiency at picking spuds and in general show respect for both his collegues and his employer. In return for this I would pay him the going rate and abide by the statutary requirements of an employer.
    I told politician at my door that if, in the first instance, he could not assure me that the job he was looking for was bound by those basic requirements I would not vote for him or any other like him regardless of what I was told about jobs, the economy, bailouts etc. etc. etc.
    Our patriotic duty, in my opinion, is not about actual voting it’s about how you use your right to vote or not. Why give someone a job where they can screw you?

    Reply
    • John, Hard not to disagree with much of your post, However, the idea of “not exercising ones vote” is not something I agree with. No matter what your ideals or beleifs I think there was a sufficent range of canditates accross all the consituiencies to cater for all political views. the right to vote (and exercise it actively) is a hard won right which should at all times be exercised even if the outcome is not the desired one from your viewpoint.

      Reply
    • @ John well put and I hope most of us are ready next election

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    • Fair enough Sean.
      I am only putting forward another view. The unthinking belief that it is your obligation to vote has to be looked at. There is a sufficient range of electoral canditates on any given occasion to PURPORT to represent the voters views but then abandon them at the whim of their own self interest or the imposition of the party whip.
      My belief is that the enfranchised citizen should use the power of their RIGHT to vote rather than abide by a mindless belief that they should. Especially in our current position where politicians of every hue have shown themselves to be unable or unwilling to act in the true interest of the citizen.

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    • Thanks Eileen
      I think in the present situation the voter needs to fundamentally look at why they vote and on what basis. Is voting a right or an obligation? It would make an interesting poll for Journal readers I believe.

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    • OOps I beg your pardon! (was talking to someone else as well as writing) – Bernadette

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    • I completely agree with Sean in relation to Johns comment. I would however like to see mandatory voting, As Sean pointed out, over the centuries thousands of Irish men and women gave up their lives so we could live in our country and be governed by our politicians without interference from any monarchy or other state.

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    • Roderic
      It sticks in my craw to advocate not exercising ones vote, believe me. I have posted comments these last few days strongly supporting the men who died to bring us our freedom and the right to determine ourselves. However there is a strong belief that the people who now walk in their footsteps would not be fit to polish these men’s boots and that we are on route invariably set upon selling out our hardwon gains.
      I ask myself would Michael Collins, James Connelly, Padraic Pearse vote for any of the useless gobshites that attempt to fill their places. Or would they view them as a threat to our rights and freedom as they once did the old enemy?

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    • No way John. You can’t just sit back and let them at it. There must be someone down there you can vote for.

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    • I think you miss my point Reada.
      Politicians need to be challenged, by their very nature they are chancers, willing to spout what they think people will swallow just to pick up a lazy vote. That’s what has got us where we are.
      This is a small country with a tight political clique who are career politicians foremost and public representatives as a second course on the menu – a meal, by the way, paid for by those they truly represent – their chums and financiers. They have to be shown that the electorate are angry, smart and not to be bought by glib promises. They have to fear us not mock us and for that I speak for ‘em all – even the pinky ones down my way!!!

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    • Mandatory voting would not get my vote……….boom boom!

      Seriously tho, I fully respect those who have fully thought out why
      they do not vote.

      To be honest Im so fed up meself, that Im doin a few odd things these days.
      One of them is Im not going to tax me car. Fu*k it, i don’t care. this whole thing is a sham.
      If I get caught, so be it. Ill do ‘the time’ if i get caught for the crime.

      When our ‘leaders’ demonstrate their commitment, honesty and integrity
      to the people of Ireland, I will more than meet them half way.
      In the meantime…….

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    • …the can suck, lick or sweat for it! eh joe?

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    • LOL! :-)

      And only if they send the chief hisself, the enda buck,
      around to me door,
      and not those wannabes, phil and the rabitte fella etc,
      sure dem clowns would only make a balls outta it!

      Reply
    • Sean you oly get to vote for those in your constituency. And if you vote for a criminal, he’s there under your mandate.

      Reply
  • even if we do default ends and his cronies will still benefit so it makes no odds to them what happens in between

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  • Enda & Co. (I prefer that term to Ireland Inc because he better not include the people of Ireland in his corporate incorporated), are in the pockets of these financiers and had their parties bankrolled by them albeit to a lesser extent than the other world leaders.

    But Enda wants to play with the big boys and ring bells at Wall St! What a fool! But the veil is lifting although not fast enough. The only advantage in seeing this “spin” spinning out of control is that the longer it goes on the more apparent it becomes to us.

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    • Richard Bruton is sitting back and rubbing his hands in glee. This government will fail and fall in the same manner they did in the 80s. Richard Bruton will soon be calling for Endas head and there seems to be rumblings in the coalition. I’m guessing General Elections by the end of the year.

      I’m getting sick of the “we’ve no one else, who else is there” whinging. We have another option and one that has never been tested by this country and it is to vote center left. Next G.E I will be giving my votes to Sinn Fein, Soialist, ULA, and Independents.
      I’d sooner give my vote to people who would die for their country, than those that are more than happy to sell us and our kids up the swanney as long as their own nests are feathered first.

      Reply
    • So will I. It’s 14 years since the GFA. Sinn Féin and ULA are the only ones that are saying this is #NotOurDebt.

      Meanwhile the FiannaGaeLabour party continue to fill banks coffers with our hard earned cash. Because they lack imagination and prefer to bow to financial institutions before their people.

      I would like Ireland to be a “Lighthouse” in these “unchartered waters”. We should take our opportunity to show the world that People come before Banks.

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    • Sorry Reada, I’m not gonna vote for someone who’s political experience is based around choosing who should get shot and who should just get kneecapped. That said, I wouldn’t vote for any of the egotist profiteers who would get involoved in politics in this corrupt country (not that we’re more corrupt than any others except the scandies, and less than most in the world IMO)

      Reply
    • That is unfair El. A lot of members of Sinn Féin played no part in the troubles. Don’t forget the insignificance the IRA played prior to Bloody Sunday. The Catholic community in the 6 counties were abandoned by this state. I’m not condoning violence but they were under attack from British soldiers on their own streets. Injustice will always be a breeding ground for violence. The British army and the sectarianism in the 6 counties fuelled the violence not just the IRA.

      Reply
  • I completely agree with all of the above statements. If this present Irish government where serious about real change we would have had a huge referendum to change or constitution and deal with the banks, political corruption, developers. There is wide spread anger over what has happened to our economy and the level of austerity all sectors have to endure. The last time there was such anger was over the murder of a great journalist and the government at the time (FINEGAEL) where very quick to change the law and go after those responsible.
    WHY WON’T THEY DO THE SAME NOW?

    Reply
    • pagan 10/04/12 #

      If the truth came out we would find the mud sticking to every political party in this country.That’s why enda and company will never inforce any findings from any investigation.As the saying goes mud sticks.

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    • Sean I dont want the constitution changed. Its the only piece of protection we have. We dont need to change it there is enough legislation in this country to deal with corruption. Cab alone could bring down this house of cards but political will is very thin on the ground.

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    • Completely agree Michael!!

      Our Irish constitution is the only protection against Europe we have. It does not need to be changed, and you are quite right, this country has ample resources to bring the house of cards down but alas political corruption goes right to the very core and save for the next election we will be promised the sun moon and stars but nothing will be done to tip the boat. We know they all have a piece of the pie!! And not one of out politicians like to share!

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    • @ Ryan be aware that the fiscal compast referendum will create an amendment with the power to basically negate the whole constitution

      Reply
  • So instead of PIIGS, we have Plausive CH

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  • Enda will do all in his power to get us to the top of the table, so he can boast that we are top of a table.

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  • Ready to take off like a rocket, eh Mr Noonan?

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  • Old ‘ people get the politicians they deserve’ – we all went along with them in the good times, as we were all getting more social welfare, childbenefit every one had a job money etc. but unlike the goverment of the day we all knew it was not going to last.Every small village with a housing estate and no people in any of those houses total eyesores. look at leitrim, roscommon,longford more houses than people, because of grants given for shannon development etc. boating from your back door as one developer put it! to where were we boating to australia uk maybe thats what he meant. we had politications that were unintelligent and none of them knew politics, they wanted power at any cost and no i dont think i deserved politicians like that!

    Reply
  • The government will reject these findings.
    After all, the truth is full of bullsh*t anyway. :D

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  • That pic is quality

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  • Defaults are very rare in recent decades, in comparison to previous centuries where they were ten a penny. The likelihood of anymore than 3 countries defaulting in a single decade is extremely rare these days.

    Reply
  • SMcB 10/04/12 #

    Hmmm… I see Argentina on that list 11 years after they defaulted. Talking about defaulting on our debts is dangerous talk to say the least.

    Reply

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