The sovereign debt crisis is far from over. In fact, it is just beginning.

Anybody who thought the sovereign debt crisis was over, it is now time to wake up. Irish credit default swaps hit a new record today!

Irish government bond yields rose and the cost of insuring sovereign debt against default jumped Friday due to ongoing jitters over the cost of bailing out Ireland's troubled banking sector.

Analysts tied the weakness in part to a research note published Thursday by Barclays Capital warning that the Irish government could eventually be forced to seek outside...