Mr. Alan Gray:

So, there is no recanting, Deputy, and I'd like to deal with the key elements in what I'm saying. I could understand that the ECB, for international financial stability reasons, might require and make a decision that bondholders shouldn't be burnt at any particular time because of the impact on world financial markets. What I feel is that would be an extremely unjust decision if that was a decision that was made but when combined with the requirement that to meet that worldwide international stability objective one member state would have to pay the cost, was morally indefensible, and I don't make those comments lightly. The guarantee ... that is about burning the bondholders. The guarantee issue is ... the guarantee was an unjust decision but was, in my view, the sensible decision, even though it was unjust, given the terrible options that were available.