Much appreciated.

Where exactly does the excess debt creep in, though?

Is it that every org is the 1st Party in a bunch of contracts (as well as the 2nd in others), and the 1st Party always borrows more than they lend (so they can the use that money for other purposes, be it speculative or otherwise)?

Or is this an issue of fluctuations over time in forex leading to certain debt being more difficult to repay?

Edit: was thinking about this- is it that the orgs use the repayment obligation OF the counter party, to the primary party, as collateral for additional borrowing?