The Irish government is struggling to convince bondholders that it can avoid a rescue from the EU, causing the price of insuring its sovereign debt to surge to a record high. Credit default swaps on the country's debt has continued to rise, according to CMA, a data provider. Austerity measures in Ireland and other peripheral countries in Europe are not helping. "Peripheral Europe is burning again," said Sanjay Joshi, a money manager at London & Capital Group. "Ireland talking about more austerity cuts, it just makes the whole situation worse, not better."
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