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Draghi’s Bond Rally Means Ireland Borrows for Free: Euro Credit

Four years ago, Ireland had to be bailed out by its European Union partners. Today investors are paying to lend it money.

Ireland joined nations from Germany and Austria to Finland as its two-year note rate dropped below zero for the first time. Irish 10-year bond yields also declined to a record along with Italy’s after European Central Bank policy makers yesterday cut their key interest rate and signaled at least 700 billion euros ($907 billion) of aid to support the flagging euro-zone economy. A report today confirmed the region’s recovery ground to a halt in the second quarter.