The fundamental public-private conflict of the GSEs means the taxpayer will always be lender of last resort to these quasi-public organizations.

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"This is actually quasi-capital so these local companies can go on doing business, " points out a senior Indonesian executive.

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These new networks gather angels into quasi-professional investment syndicates, allowing investors to spread their risk and take part in bigger and sometimes more attractive opportunities without betting the bank.

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Investors continue to prefer government and quasi-sovereign corporate debt in these markets.

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Yet these complex and illiquid instruments were in some cases marketed as quasi-deposits to retail clients, many of whom also bought shares in Bankia.

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And, these trillion dollar cash reserves are controlled in every case by the respective royal families, typically in sovereign or quasi-sovereign wealth funds.

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