Professor Terrence McDonough:

I think it is fundamentally accurate. The question facing policy makers here, working in the context of the European Union and other global institutions, is basically one of who is going to pay for the crisis. The banking solution which I just proposed is simply one in which bondholders and lenders should have paid. To the extent that they were not going to pay, the question should have been transferred to the people who had the money. The people who had the money is the European Central Bank.