The Republic of Ireland's central bank governor, Patrick Honohan, had been negotiating the plan with the ECB late on Wednesday, when details leaked to the press.

BBC: Anglo Irish Bank debt deal gets ECB clearance

Then, on Nov. 18, at their monthly meeting on the 36th floor of the ECB headquarters, Europe's central bankers delivered an ultimatum to their Irish counterpart, Patrick Honohan: The ECB would disallow use of the Irish central bank's emergency loan program unless Ireland took the bailout.

WSJ: As Ireland Flails, Europe Lurches Across the Rubicon