There is de facto no public finance only public debt de facto created for political reasons. That is the case whether the currency is a common currency or not. Public debt can therefore only ever be political. The problem seems to be how much the need is for debt roll-over, ie competition to supply the debt. If public finance is only debt it can only be serviced by private finance. I really cannot follow this presentation. The price for politicized debt is based on private opportunity and is a private speculation. Both politics and speculation are inherently unstable. Two unstable elements working at the same time can amplify or dissipate. Shock effects are inevitable it is just a case of size and when. If policy makers want to limit their capability to manage inevitable shock events it is a political, not a practical, nor an economic, decision. There are only two solutions I can see. One is to dampen political leverage which is very difficult because the debt is political in its roots; and the other is overwhelming capacity which dampens adverse speculative opportunity. The problem in the EZ is not overwhelming capacity because that was available, GR GDP was only 3% of EZ GDP. The problem was, and still is, political issues by leverage amplified the problem, and the tail wagged the dog. The bigger conclusion is that a structure or mechanism that allows a 3% incident to destabilise an entire activity is very poorly constructed and the problem will not go away, simply because that structure is obviously the problem.