Ireland Makes Progress

27 July 2012 17:00 - Phoebe Robinson

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Ireland Makes Progress

Ireland returned to the bond market and the first move the government made was to borrow an astonishing 5 billion euros. This is the first time the country has been able to borrow long-term debt itself since September 2010. This is a good sign for the Irish economy as it shows that there is hope that Ireland will be able to escape a second bailout, by fully funding itself through the normal debt markets by the end of next year.

This deal that was made last night marks a turnaround for the economy after two years of no borrowing. It is being said that roughly 60% of the bonds were sold to investors from overseas and the rest has gone to banks and insurers and pension funds in Ireland. The fact that this bond deal has been successful shows that investors are gaining confidence in Irelandís economic recovery. By lending money now they have boosted the chances of a smooth exit from the EU/IMF at the end of next year.

The National Treasury Management Agency (NTMA) raised 4.19 billion euros by selling new government bonds due to be repaid in 2017 and 2020. Investors have now swapped their bonds for longer term loans. With 500 million euros of short term debt already raised earlier this month, it means Ireland has raised 5.7 billion in just a few weeks.

Last night traders showed their enthusiasm for the amount of cash raised earlier in the month, it means Ireland has raised 5.7 billion in a matter of weeks.

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