Irish Bonds Rise as Government Requests EU-IMF Bailout Funds

Irish bonds climbed after the nation’s government requested financial aid from the European Union and International Monetary Fund. Greek and Spanish debt fell.

German bonds rose as Moody’s Investors Service said it would likely downgrade Ireland’s credit rating by several levels and the Irish Green Party said it would quit the government after the next budget and seek a new election. Ireland becomes the second euro nation to seek a rescue after Greece. The nation will pass some of the money to its banks, with the rest helping the government avoid having to sell bonds, Finance Minister Brian Lenihan told reporters late yesterday.