I think I'm right in saying that the bondholders we're talking about are the un-secured ones who were, in effect 'casino' bankers, gambolling investment in high-risk areas then, when it all went pear shaped, expected to & were, bailed out by the government which means the tax payers of Ireland! That is so very, very wrong & as far as I can see, there's nothing to prevent it all happening over & over again!