Up to those amounts the countries concerned would be able to access international capital markets at prime rates. Beyond these, the creditors would have to beware.

International capital flows must have been at the root of the problem,

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

The benefit would be access to public capital markets so it can take on new products and markets. The disadvantage is an additional layer of responsibility and reporting.

The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.