Debt crisis to worsen as markets target Ireland... Ireland has lost control of its financial fate and its future is now in the hands of the markets, one of Europe's leading sovereign bond commentators has said. Luca Cazzulani, deputy head of fixed income at Italian-German bank UniCredit, said the Irish and Portuguese governments could do little to influence their fate because the markets had signaled them out from the so-called PIIGS - Portugal Ireland, Italy, Greece and Spain - for extreme scrutiny. He forecast that key sovereign interest rates in Ireland and Portugal, which rose last week to more than 5.5%, were "unlikely" to fall back below 5% because markets were not anticipating good news from Europe. "If anything, we are likely to get further bad news," Cazzulani warned. Irish and Portuguese sovereign interest rates could stay "very high" for five or six months. "If so, then we are going to face a series of stresses because these levels are ...
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