As regards structural changes, first, the recent growth momentum is driven by a step-up in the investment rate, which, in turn, is supported by a sizeable increase in the rate of gross domestic saving.
Given the inherent instability of financial markets, there is no time for a negotiation between bank creditors and shareholders leading to an equity write off and a conversion of debt into equity, as would be usual outside the financial sector – and in the case of a large systemic bank, such a process would have the potential to impose significant negative externalities on the economy.