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Irish borrowing costs at new high

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The interest rate on the Republic's national debt has reached a new euro-era high

The interest rate on the Republic's national debt has reached a new euro-era high

The interest rate on the Republic's national debt has reached a new euro-era high

The interest rate on the Republic's national debt has reached a new euro-era high as investors sell Irish bonds amid scepticism that the country can meet EU deadlines for taming its deficit.

The yield on the country's 10-year bonds rose above 7% on Thursday for the first time since the euro's launch 11 years ago.

It broke the previous high of 6.9% reached last month as doubts grew over Ireland's ability to reverse its Europe-leading deficit.

Analysts have said this week's resumed rise in Irish bond yields - the price investors require to buy the treasuries - reflects concerns over the Government's plan unveiled on Tuesday to slash 15 billion euro from its deficits by 2014.

The Republic hopes to trim its 2014 deficit to 3% of GDP as the EU requires.

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