An alternative to the promissory note arrangement is considered in which a 40-year bond is used as collateral for regular ECB loans which replace an equivalent amount the ELA debt.
Fortunately, we have an alternative to resting a brave new world order on so tenuous a basis: Pax Democratica an international arrangement whose leading nations all are responsible to their people insofar as their people determine the form, policies and priorities of the government that rules them.