Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Why the world’s saying ‘Ireland is back’

Following yesterday’s successful debt sale the world’s media is clamouring to say why we’re back in business.

IRELAND HAS EXITED the bailout programme and is being hailed as “bailout success story”.

This week a number of “good news” stories have been circulating around the world about us, taking a rather different angle to the Irish population shooting and eating pigeons. Gone are the days of news reports about our spiralling debt and bad banks.

Yesterday, Ireland’s 10-year government bond yields fell to eight-year lows as the country’s first debt sale since it exited an international bailout proved popular with investors.

Here’s what’s being said about why “Ireland is back”.

1. Business Insider reported yesterday that there is a “huge demand” for Irish debt in its first auction since exiting its bailout, stating: “This continues the bailout success story that is Ireland.”

2. The Financial Times reporting on the auction said:

An overflowing order book north of €13bn for Ireland’s 10 year bond sale – its first debt sale since formally exiting an international bailout programme last month – has allowed bankers to tighten the pricing of the deal.

Dublin’s treasurers had intended to cap the size of the deal at about €3bn-€3.5bn, but the ravenous demand could allow it increase it markedly and make a big dent in its funding requirements for 2014 by early January.

They added that the “appetite for Ireland is driven by the fact that its bonds are expected to provide healthy returns – albeit not as healthy as in recent years,” but said that “Irish bonds are no longer considered a risky investment”.

3. The Wall Street Journal said that when Ireland exited its bailout program at the end of last year, turning down an offer of a credit line from rescuers and relying on capital markets for funding was “a move that could have proven risky if investors were unwilling to lend the country cash”. However, they stated:

Well, it turns out they are willing after all. Very willing.

4. Reuters reports this week that Ireland is making a “stormy return” and that Ireland’s economy has shown signs it is picking up steam, with the jobless rate falling to 12.5 percent from a 2012 peak of 15.1 percent and property prices starting to rebound, and the government sees GDP growing by 2 percent this year.

5. The New York Times seems to have a bit of an obsession with our country recently, with a number of articles dissecting our recovery and what we’re all about. Last month they reported that it “certainly looks like Ireland is recovering from near economic collapse,” but went on to say we’re shooting pigeons and “eating cornflakes for breakfast”.

With a new year, the Irish focus is now on our tech industry and how Microsoft, PayPal, Fujitsu and scores of other companies are expanding their investments in Ireland, creating thousands of jobs as unemployment hovers near record highs. However, they say there is “one hitch” – that we don’t have enough people qualified to fill all the jobs.

The latest commentary is much more positive stating that through a combination of both long-standing and new grants and tax breaks, government officials are “pushing to invigorate smaller, home-grown Irish companies. The hope is that a more robust tech sector can cement the country’s economic recovery”.

Financial experts and agencies

Even financial experts are saying that Ireland is not only on the mend but will outperform the rest of the euro zone, with The Market Sentiment survey of members of Chartered Financial Analysts (CFA) Ireland showing that 80 per cent expect both the Irish and global economies to grow this year.

The successful debt sale yesterday comes a week before Moody’s Investors Service is due to update its view on the country, so will Ireland get a better report card?

What do you think? Is Ireland seeing a recovery? Are you more optimistic? Why not give us your view on it all in the comments section below.

Read: Post-bailout Ireland returns to the bond markets>

Read: ‘Falling bond yields butter no parsnips’: 8 winners, 8 losers and 4 we couldn’t decide on from 2013 >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
127 Comments
    Install the app to use these features.
    Mute Denis Reidy
    Favourite Denis Reidy
    Report
    Apr 9th 2015, 12:37 PM

    I’d say Denis O Brien sleeps very well in his tax haven

    105
    Install the app to use these features.
    Mute RonanM
    Favourite RonanM
    Report
    Apr 9th 2015, 12:38 PM

    Yawn

    75
    Install the app to use these features.
    Mute Con Manne
    Favourite Con Manne
    Report
    Apr 9th 2015, 1:19 PM

    What’s the difference between a light on and a hard on? You can sleep with a light on.

    36
    See 3 more replies ▾
    Install the app to use these features.
    Mute Elma Phudd
    Favourite Elma Phudd
    Report
    Apr 9th 2015, 1:35 PM

    Con. It’s ‘what’s the difference between light and hard?’!

    22
    Install the app to use these features.
    Mute Denis Reidy
    Favourite Denis Reidy
    Report
    Apr 9th 2015, 5:29 PM

    Semi?

    3
    Install the app to use these features.
    Mute Con Manne
    Favourite Con Manne
    Report
    Apr 9th 2015, 9:07 PM

    Bungalow.

    3
    Install the app to use these features.
    Mute Joseph O'Regan
    Favourite Joseph O'Regan
    Report
    Apr 9th 2015, 1:07 PM

    Lot of people working two jobs to make ends meet in America so not much time for sleep.

    73
    Install the app to use these features.
    Mute Elma Phudd
    Favourite Elma Phudd
    Report
    Apr 9th 2015, 12:56 PM

    I was obviously rich until the last 3-4 nights and will be poor until the weekend. Can’t feckin sleep at all right now!

    59
    Install the app to use these features.
    Mute Tom
    Favourite Tom
    Report
    Apr 9th 2015, 12:59 PM

    I find that glancing at thejournal.ie comments section is both tiring and uplifting.
    You get the same old tiresome whinging from 5 he same contributors and you get to feel superior as well. Great night’s sleep guaranteed.

    48
    Install the app to use these features.
    Mute Chris
    Favourite Chris
    Report
    Apr 9th 2015, 1:00 PM

    A lot of them are unconscionable sociopaths – fleecing people actually helps them get a better sleep.

    40
    Install the app to use these features.
    Mute Peter Hargan
    Favourite Peter Hargan
    Report
    Apr 9th 2015, 1:07 PM

    Food,warmth and a nice comfy bed might just have something to do with it

    29
    Install the app to use these features.
    Mute Michael Skellig
    Favourite Michael Skellig
    Report
    Apr 9th 2015, 4:21 PM

    The rich have no conscience, hence more sleep.

    25
    Install the app to use these features.
    Mute Joanna
    Favourite Joanna
    Report
    Apr 9th 2015, 12:39 PM

    Maybe because not rich people need to work more?

    17
    Install the app to use these features.
    Mute Top Cat
    Favourite Top Cat
    Report
    Apr 9th 2015, 12:42 PM

    Or because rich people aren’t out until all hours slangin rocks of crack.

    34
    Install the app to use these features.
    Mute saltaroo
    Favourite saltaroo
    Report
    Apr 9th 2015, 12:46 PM

    Cos that’s what everyone on the poverty line does

    59
    Install the app to use these features.
    Mute Whatsup Dok
    Favourite Whatsup Dok
    Report
    Apr 9th 2015, 1:21 PM

    hmm, I’m poorer than I realised so

    16
    Install the app to use these features.
    Mute The Professor
    Favourite The Professor
    Report
    Apr 9th 2015, 2:08 PM

    The headline changed again! Like something you would see in the English tabloid papers. I bet the journalists sit around the office high-fiving each other after every effort

    11
    Install the app to use these features.
    Mute Caroline Dunlea
    Favourite Caroline Dunlea
    Report
    Apr 9th 2015, 5:01 PM

    Having the few bob eases the mind… D’oh!

    9
    Install the app to use these features.
    Mute Noel Falkhall
    Favourite Noel Falkhall
    Report
    Apr 9th 2015, 3:31 PM

    My wife who is rich beyond belief has tough time sleeping and I the poor one sleep like a log every night so the story is a crock….

    7
    Install the app to use these features.
    Mute Colin C
    Favourite Colin C
    Report
    Apr 9th 2015, 3:25 PM

    The socialist solution to this is to make sure no one sleeps. Then we will all be equal. And that’s the main thing.

    6
    Install the app to use these features.
    Mute William lynn
    Favourite William lynn
    Report
    Apr 9th 2015, 10:11 PM

    And what did the study say about sleeping on a bed of money ?

    2
    Install the app to use these features.
    Mute Calisto Roberto
    Favourite Calisto Roberto
    Report
    Jul 29th 2016, 8:12 AM

    Hello everyone i want to share my testimony on how i belong to illuminati member, a friend of mine always give me money…because he was very rich, one day he said he is not going to give me fish that he is going to teach me how to fish, so i was very happy, i never new he was a member of illuminati since we started our friendship! so i was initiated to the illuminati order and few days later i was awarded a contract worth of millions of Dollars, in my business i am doing very well right now, i can now influence people, render financial help etc, if you want to become a member contact us via email: illuminatiorder.co@gmail.com or call +2348137838605

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
Video Player is loading.
Current Time 0:00
Duration 0:00
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
 
1x
    • descriptions off, selected
    • captions off, selected
      News in 60 seconds