When a country blows up its own macroeconomy, its policy options narrow, to the point where all the choices are bad ones. If you can get anyone to lend to you, it will be the IMF. One way or another, you will end up doing real and brutal austerity.
Greater corporate exposure could, in turn, increase vulnerabilities for both local banks and the financial system more broadly. Shocks to interest or exchange rates could generate adverse feedback loops, especially if credit risks prevented the rollover of existing bank or bond market funding.