Which of the Following Is the Fundamental Difference Between Private

Which of the following is the fundamental difference between private (bank) debt and publicly issued debt?

A) Public debt is often referred to as inside debt because of the close relationship between the lenders and the borrower, while a bank loan is called outside debt because the lender essentially has no active relationship with the borrower.
B) A bank loan is often referred to as inside debt because of the close relationship between lender and borrower, while public debt is called outside debt because the lenders essentially have no active relationship with the borrower.