Very little to be gained by burning the bondholders

[DerKaiser]

Burning the Anglo bondholders at this stage brings very little benefit to Ireland Inc and is a distraction to dealing with the real problems facing the country.

I won't add any more than to say:

1) Getting €3.3bn from Anglo bondholders would not be a distraction. It's small compared to our deficit, but when you look at all the cuts needed to get down the deficit they are the sum of a lot of much smaller cuts each of which have very big impacts

2) If and when BOI & AIB get to the point where they run into solvency problems, we are talking much bigger numbers. To reduce this down to how much burning non-irish anglo bondholders is only looking at a small part of the potential overall issue