By the way, one can recall that, even in 2010, quite significant volumes of Government bonds of Greece, Portugal and Ireland were bought in the secondary market by the ECB in its SMP programme (extended in 2011 to Italy and Spain).
(e)  Holders of unguaranteed senior bank debt  Finally I need to include the very widely discussed issue of the holders of senior bank debt. It is well known that the Irish Government was leaned upon in late 2010 and mid-2011 to avoid burden-sharing with the holders of unguaranteed senior debt in the failed banks Anglo and INBS.