Professor Patrick Honohan:

Now, I agree with you on this very important point but I think we are slipping, perhaps, into the later territory. But the idea that you capitalise the banks even if it brings down the State, that idea tends to be prevalent among banking specialists who are not interested in the fiscal accounts, they just want the banks to be safe.

And it doesn't work. It doesn't make the banks safe, and it doesn't make the sovereign safe. But that's maybe in the other part, yes.