A contagious Irish disease?

ON NOVEMBER 21st the Irish government at last gave in. It yielded to pressure from its European Union counterparts to seek an emergency bail-out from the EU and the IMF that may amount to as much as €85 billion ($115 billion). In May, when the Greek government secured a €110 billion bail-out and a joint EU/IMF fund worth a stonking €750 billion was put in place, investors believed and the markets rallied. Not this time. Bond yields in Ireland dropped back to 7.93%, but rose to 4.75% in Spain and 11.75% in Greece.

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