Ireland could have saved over €3bn by burning Anglo's bondholders - but the US stepped in to block a deal.
That is according to a top civil servant giving evidence at the Banking Inquiry this morning.
Second secretary-general at the Department of Finance, Ann Nolan, says the United States used its veto at the International Monetary Fund (IMF) to stop Ireland from burning unguaranteed bondholders at what became IBRC.
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She told Fine Gael's Kieran O'Donnell that this was the only reason some bondholders were not burned.