January 15, 2014 named as 'D-Day' for the nation's economic survival
Published 30/06/2011 | 05:00
WEDNESDAY, January 15, 2014 has been pinpointed as Ireland's financial 'D-Day'.
That's the date when the country faces a critical number of mature bonds that must be repaid.
Ireland can stabilise its economy if it can make it beyond that date, a leading economist predicted yesterday.
University College Cork (UCC) economist Seamus Coffey said Irish bonds that mature on January 15, 2014 are now assessed as so risky for repayment by international markets that they have an interest rate of a whopping 17.72pc.
"This is a key date for Ireland. The next bond maturity date after that isn't until April 2016. We have a two-and-a-half year gap after 2014," he said in a keynote speech.
"If we have the funding to get past that date and if we make the necessary changes, it is likely we can stabilise our situation," he added.