Reuters first to report tumbling Irish GDP numbers

Reuters was ahead of Bloomberg and Dow Jones with Irish GDP numbers on Sept. 23, which showed the economy shrank sharply by 1.2 percent in the second quarter, shattering forecasts for 0.5 percent growth. Ireland is firmly in the markets’ cross-hairs as the cost of bailing out failed banks reaches 25 billion euros or more — threatening the entire country’s finances and earning it the “Next Greece” tag. Last week’s figures only added to the gloom. A shrinking economy means lower tax returns and raises the spectre of even harsher debt-cutting measures to come with an electorate already feeling sharp pain. The premium investors demand to hold 10-year Irish government bonds rather than German benchmark Bunds hit a euro lifetime high after the data and Irish five-year credit default swaps hit a record high of 500 basis points, up 40 bps on the day.