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“Government bond yields jump amid fears about Irish banks,” leads the Irish Times. For the second day running, the yield on Irish government 10-year bonds has alarmingly crossed the 6 per cent threshold, almost three times higher than that of the equivalent German bond. Amid speculation that a “run” has begun on the economically embattled nation, shares in Irish banks also dived a week after nationalised zombie bank Anglo Irish announced it needs approximately €25 billion in fresh capital to stay alive. “This in turn is making it difficult for all the Irish banks to raise funds to repay some €25 billion of Government guarantee debt that falls due this month,” notes the Dublin daily.
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