Professor Patrick Honohan:

I definitely would have been on the ELA side. The world has changed since about 2012 and the concept of bail-in of bondholders is now accepted. It was accepted in the professional literature for years and the Americans, who had a different legal system, kept on bailing in people. However, it went away for a while and now it is back. If the same thing happened today, we would be in a different world vis-à-visour European partners. Not only would they permit us to restructure banks with losses to bondholders, they would require it.