Professor Patrick Honohan:

Because it's exactly as I said. The IMF team were arguing in favour of this. The European ... the team from the Commission and the team from the ECB were saying, "This is off the agenda, we're not talking about it." And then subsequently, we know that the troika, as a group, with the IMF now on board and back in their, you know, back in the group, went together to Brian Lenihan and told him, "No, the decision has been taken. There is not going to be a programme if you burn the bondholders."