The idea that “there is a possible fiscal demand on the government to recapitalise banks and, therefore, you privatize and then the whole world is happy”, is somewhat simplistic, because the health of the banking system is critical for both macro-economic and fiscal stability.
If the banking system, public or private is unhealthy and 5  BIS Review 18/2000  weak, the hit is on the fisc since the bail-out has to be publicly funded.