Senior Bank Bandholders - Perils of Default

Dan O’Brien in todays Irish Times explains why defaulting on senior bank debt or sovereign debt could bring down the whole European economy:
irishtimes.com/newspaper/opi … 78673.html

Why talk of a unilateral default is hopelessly naive - Donal Donovan
(Donal Donovan was a staff member of the IMF during 1977-2005 before retiring as a deputy director. He is currently adjunct professor at the University of Limerick and a visiting lecturer at Trinity College Dublin.)
irishtimes.com/newspaper/fin … 77053.html

The cons…

and the pros…