This is the Story, Part 3

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 In other words, the banks can tell the governments what to do. If the governments reject orders from the banks, the former can lose their credit rating and all access to liquidity is gone.

 
I'm having trouble getting a handle on this, not necessarily because I take issue with it, but in the sense of understanding it. I always go back to the assumption that governments are the ones calling the shots, since they have the exclusive use of force (not to get poli-sci on you). But, I suppose if another entity has controls, preferably exclusive control, over something government needs, then that exclusive use of force is mitigated. To frame the situation using a law enforcement analogy: the banks essentially are essentially terrorist hostage-takers, and the governments are the special forces that negotiate to free the hostages. The use of force to free them isn't very viable (except in movies), so it's more of a deal or compromise that needs to be reached.

I'll need to think on this more.