Professor Alan Ahearne:

There's nothing that happened subsequently that would suggest that that would have been a possibility. The ECB was stridently against the burning of bondholders in ... once the guarantee had expired. The whole approach, from what I can see, and I wasn't there in September '08, ... but from what I can see, the whole approach from the ECB, and from Europe in general, was no more Lehman Brothers, no defaults so-----