Success with a bitter aftertaste

Ireland's success in raising 1.5 billion euros on the capital markets has a bitter aftertaste, writes the business paper Les Echos: "Ireland is paying a high price for doubt. Doubt over its public accounts, its capacity for recovery and the real state of its banking sector. ... So it was urgently necessary to break this vicious cycle ... and curb the growing speculation on its bond market. It was necessary to prove that as opposed to Greece - its companion in distress in the Eurozone - Ireland was still capable of long-term borrowing, and to prove to the world that Ireland had no need to seek the help of the International Monetary Fund as people were starting to whisper on the markets. From this point of view the operation was a true success. ... But with an interest rate of 6 percent over eight years, this success has a bitter aftertaste."

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