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An open pool would not tackle the problem of liquidity, he added.
"The disease that we're facing in Greece," he told the BBC, "is that a problem of insolvency for five years has been treated as a problem of liquidity".This view would not seem outlandish in the academic world that Mr Varoufakis recently quit.
One concern is the circular problem of liquidity.
There is one other component that matters here, and that is the problem of liquidity.
"The disease that we're facing in Greece at the moment is that a problem of insolvency for five years has been dealt with as a problem of liquidity".
Deschler (2013) also points out the potential problem of liquidity in pure crowds: a crowd of investors with voting power in equity crowdfunding emits a warning signal for professional investors who might otherwise have bought into a crowdfunded company.
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The diagnosis of the banks I presented was of problems of liquidity but also of structure.
Still, because buyers wait longer to get their money, these annuities intensify the problems of liquidity and longevity risk.
As Davies notes, such lending resolves problems of liquidity but not the problems of insolvency facing countries such as Ireland and Greece, whose national debts will soon be well over 100% of GDP.
For entrepreneurs, getting through these financially turbulent times may require some imaginative solutions to vexing problems of liquidity.
Merrill Lynch reminds its clients that, as the technology bust made clear, "concentrated stock positions present a significant risk to your portfolio and present problems of liquidity and diversification".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com