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Germany, Switzerland, fine. But Ireland?
On March 19 Ireland’s National Treasury Management Agency (NTMA) sold €500 million of short term T-bills at a negative average yield of 0.01%. Investors are now paying for the privilege of lending money to a sovereign that only exited its €67.5 billion Troika bail-out programme in December 2013 – 15 months ago – and had a gross government debt-to-GDP ratio of 110% in 2014.
The six-month trade attracted €2 billion-worth of bids.
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