Professor Patrick Honohan:

I knew ... this is ... it's a, kind of, "Can we get through this without a bailout?" And I don't want to be in a situation where the Central Bank, through some misstep, has caused a loss of confidence that would trigger an unnecessary bailout. That was in my mind from the very word go. Not that the bailout was bad, but that this would mean that ... to lose confidence means that the cost of funding is going to be enormous, and your ... well, just look at the political ramifications and the distress to society, not in terms of the pay cuts and the social welfare and all that, that adjustment has to happen. But the sense of control, loss of control by the public sector and the private sector when it happens is-----