Professor Patrick Honohan:

It is because of consequences. Deputy Higgins should not think such arguments have not been made. We are not trying to find an emotionally satisfying solution to this. I am not trying to be pejorative. I am simply speaking in terms of how one would think of it. We are trying to find something that gives the best outcome for the financing of the Irish economy and, therefore, for its prospects for recovery to employment growth. Deputy Higgins may disagree with that, but I am firmly convinced that the route we are choosing in negotiating as vigorously as possible, but within accepted frameworks, will get us to a better place than any other kind of action that is available to us. It may not be emotionally satisfying but it may give results.