Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Now my theory is that there are not many private bond-holders left. They have used the last two years to get rid of their credits to Irish banks. The obligations of the Irish banks have shifted to the Irish state and the ECB.
Is this consistent with the circus we saw in November, with Germany, France and the ECB pressuring Ireland to accept a bailout of its foreign creditors?

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Carrie (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 10:44:15 AM EST
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