The fact is all that has been done to the Irish banks is buy their bad assets at inflated prices, as well as guarantee their debt. 100 bn of ECB loans don't change that. The bondholders still have the bulk of the bonds they used to have, since the ECB has only bought about 80bn in sovereign Eurozone bonds so far.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman