Before revision:  We then show that the financial market is globally viable if and only if there exists a partial information local martingale deflator (PILMD), which can be explicitly constructed. In the case of bounded coefficients, the latter turns out to be the density process of a global PIEMM.
After revision:  We then show that the financial market is globally viable if and only if there exists a partial information local martingale deflators (PILMDs).