These countries all have slightly differing problems, encompassing public and private sector debt and insolvent banks.

Insolvent banks and the need to rescue them plunged the country into a budgetary crisis.

Insolvent banks must be recapitalised or closed.

Sixteen small and insolvent banks would be closed, with a small market share of only 2.5%.

Alternatively, potentially insolvent banks with toxic assets will seek out very risky speculative loans to shift risk onto their depositors and other creditors.