If further proof was needed that the euro crisis has ended as far as bond markets are concerned, it was provided by Ireland's successful bond auction on January 7th. Less than a month since exiting its bail-out the Irish government raised €3.75 billion ($5.1 billion) in an issue of ten-year bonds that was nearly four times oversubscribed. Such was the appetite of investors that two days later Portugal tapped the markets to strengthen its chances of an exit in 2014.
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