Mr. John Moran:

First of all, I haven't seen any of the papers, right, but I may be able to help answer the question by ... in the following way, right, which is that the funding that was being given up to that point in the system was actually funding being given to the banks to make sure that the banks had liquidity so that the ATMs didn't stop, right, and, to be fair, so that an awful lot of the other creditors that were already in the system could also be repaid, right? The funding of which we are talking about is the money that we would have needed to raise on the markets to ... or taking it from the pension fund in order to pay the pensions and the wages the following month. This is the Greek dilemma, if you want, right.

The banks are potentially being supported by the ECB, but who is going to actually pay the wages of the civil servants, the unemployment benefits and the rest? And at the time that we were going into the bailout and I don't want to be quoted on the number but I have the magnitude, I think, right. Our cost of funds had gone up to about 14% and there is no way in which the State could have continue funding itself at that level-----