Under financialization debtor states become critically dependent on international financial capital. The latter can exercise an indirect power over governmental policies and the state becomes a hostage of financial markets' "state of confidence". We perceive the relations between the state and internationalized capital with two strings attached. First, the state listens to financial markets because it is in debt and must settle the receipt while still requiring external financing. And second, financialization is perceived as a vehicle of economic growth mostly due to so called wealth effect. This paper is trying to challenge the conventional wisdom about correctness of debtor-state behavior in the position just described.