Stephen Donnelly (Wicklow, Independent)

I would pick up Deputy Nolan on his last point as the issue of paying back the senior bondholders is so serious and emotional, and causing so much damage. This is how business and banking work. Debtors and lenders to businesses take write-downs all the time and businesses continue to function. Senior bondholders take write-downs all the time and they continue to lend to countries and banks. I raise this point as it is a very dangerous assertion for us to make that this never happens.

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