Ireland was in the news for all the wrong reasons again last month. The bail-in of subordinated bondholders in Allied Irish Banks and Bank of Ireland is being forced through, despite several legal challenges from disgruntled hedge funds, and talk has now returned to the prospect of senior bondholders joining them and being bailed in as well. And just in case investor sentiment was not negative enough there is the prospect of national telecoms operator Eircom defaulting on its debts.
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