Irish bonds reach record high on rumors of IMF aid

DUBLIN (AP) — Ireland's cost of borrowing spiked to a modern high Friday as local reports — bluntly discounted by the government and International Monetary Fund — said Ireland might need help from the EU-IMF emergency fund established for Greece.

The interest that investors charge to buy Irish 10-year bonds rose above 6.3 percent, representing a 3.9-point premium over the rates of benchmark German bonds. Both were record highs dating back to the launch of the euro common currency nearly a decade ago.

Rates have risen because of investors' belief that Ireland is running out of financial road in its battle to fund a growing bank bailout and its own bills. The higher rates drive …