(2) Others decide to exit the group for one cycle and re-enter later. In this way, they can withdraw their individual savings, avoiding a total loss if group funds are not recovered. As potential default risks surge, members become more distrustful of
colleagues’ future behaviour, cooperative instincts vanish and the cohesiveness of groups rapidly disintegrates. Default risks, in some cases, increase to such high levels that the whole group collapses and, with no savings and broken relations, most
participants end up worse off.