Perhaps in recognition of the weakness of the arguments for PPP that are outlined and critiqued above, the policy is also justified on cost-efficiency grounds. At first blush, the value for money case for PPP appears weak since public finance is cheaper than private finance. This is because lending to government is extremely low risk - public bodies, unlike private companies, are unlikely to go bankrupt and default on their payments. The transaction costs of government financing are also low and the market in government debt is usually liquid and efficient (Yescombe 2007).