Professor Patrick Honohan:

One answer to that is, when we got into such serious trouble we said, "No we are not going to accept this tyranny of the markets which would demand that we cut everything down to no borrowing." We sought the protection of the international official community, the IMF and our partners in the European institutions, to basically shut the markets out of Ireland for a while until we got our act together. So I agree that there are points at which it is just not acceptable to follow the dictate but you know-----