Angela Merkel, the German chancellor, dug in her heels against a turbulent bond market, as evidence grew that Ireland’s record cost of borrowing was causing contagion throughout eurozone debt markets.
Irish bond yields hit fresh highs on Thursday while the extra cost that Italy and Spain pay for borrowing over Germany jumped to levels not seen since the launch of the single European currency in 1999.
In effect, the bond market is already pricing in debt defaults in Greece, Italy and Portugal – the eurozone’s three weakest economies – with many analysts saying Dublin and Lisbon will have to follow Athens in seeking a European Union rescue.
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