“Who would you lend money to for 100 years? Your children? Your best friend? Perhaps. But the Irish government? Or the Belgian or French government? They all seem to think they are worth a loan for this kind of duration. Ireland last month launched the first 100-year bond, raising €100m. If you hang around to 2116, you will earn 2.35pc on your cash. Last August, Belgium blazed that trail, with its own century-long debt issue. Mexico has also issued one. The Spanish and the Italians have both gone above 45 years, and will probably join the century club as soon as they think they can get away with it. Even the UK has already dipped its toe in the water.”
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