Deleveraging is frustrating and painful for private sector entities in distress: selling assets at a discount can itself lead to heavy losses. In addition, dysfunctional security and credit markets make it difficult to raise capital from public market. Private capital market is often no easier: equity holders usually have already incurred heavy losses themselves, bank/firm share prices have fallen substantially and are expected to fall further, and the market expects the crisis to last long. These factors can all contribute to hindering the sources of private capital and the effort of deleveraging.