Taoiseach Haughey had vision and tough mindedness,regardless of personal faults. A banker acquaintance believes he would have issued an ultimatum if necessary to the European Central Bank and bank bondholders to negotiate interest rates on Irish government and bank debt down to a very low level,say 2%, and extend debt maturities for a decade or more (called "extend and pretend" ie pretend no losses). The Irish bargaining position would be based on an old joke: if you owe the bank a small sum,you are in trouble,but if you owe the bank millions,the bank is in trouble. That would seem very ungrateful to creditors who have helped us out. But if servicing government debt would lead serious social unrest and many years of economic stagnation,self preservation dictates a tough minded Haughey solution.