It did not help that the Irish Minister of Finance announced Ireland has 74.2bn euros of guaranteed bank loans, bonds, and systemic support falling due between now and Oct 1.  This is around 55% of GNP.  It sounds like everyone backed by the Irish government had the "clever" idea to roll over their debts to just before the guarantees expire.

This is financial tragi-comedy at its finest! A government dedicated to insuring that its feckless financial elites do not suffer for their folly, and who is praised by the WSJ for so doing, is brought low by the markets. A classic "What have you done for me lately!"

"It is not necessary to have hope in order to persevere."