Odran Reid in dialog on the economy.

Odran Reid Morgan Kelly is as close to correct as you would want to be.

Bill Tormey Problem is Odran, that Kelly could have advocated that in September prior to the bond repayment date – He had and has access to pulpits. The consequences of the bondholders owning the banks would be unpredictable. Would they try to liquidate and sell on? The government could then buy the banks but with what? Then would the ECB continue to feed us money to fund Irish day to day deficit spending?• How would the foreign owned banks start lending again? How would they be legally capitalised at the Basle 11 level? Would the Irish government have had to open new banks immediately?

It might help if Morgan Kelly spelt out in detail the consequences of his prefered options and outlined a number of possible scenarios with a likelihood attached to each. maybe somebody on the economics website might fill in the gaps.