Overheard: Irish Eyes Smiling Ireland's new prime minister, Enda Kenny, couldn't resist teasing investors during a speech in London on Monday. Reminding his audience of the old saw that equity markets have predicted ten of the last five recessions, Kenny also cited IMF research that the bond markets have managed to predict 36 of the last seven defaults. With Ireland's two-year government bonds yielding 9.18%, and its rating cut to just above "junk" status by Moody's last week, now might not seem the best time for Kenny to joke. But his serious point was that investors should reconsider the possibility that Ireland is actually set for an export-led recovery. And he at least had the grace to acknowledge that his own profession isn't exactly innocent of exaggeration with his punch line: "Unfortunately, I didn't bring the statistics for politicians predicting a better future!"
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