Dr. Donal Donovan:

Yes. Mr. Geithner's book continues:

"You're going to accelerate the run," I said. "Nobody’s going to lend to a European government or bank that's showing weakness if they think you're going to impose haircuts as a condition for your rescues. You’re undermining your defenses, and it's going to cost you a lot more money in the long run". Trichet was deeply concerned as well, as animated as I had ever heard him. We argued that the Europeans couldn't force countries to restructure their debts until they had a credible plan to protect the rest of the system from contagion ... "You just cannot afford all this loose talk about haircuts", I said. That weekend [following the events described in the earlier paragraph] the Europeans approved an 85 billion euro rescue for Ireland, and changed the proposed design of the permanent firewall. While they didn't rule out haircuts, they agreed not to make haircuts mandatory.

That is all I know about what happened. It is very important to hear from the key participants in the rescue.