The green light blinks when the system is not working in the proper "condition"; when this faulty status is detected, the operating system doesn't allow other operations to avoid damages.
The only official suggestion from SCEA in this case is to check if the vent is working properly and if the back of your Ps2 is obstructed in some way, so that the system is unable to cool down.
Anyhow, since you have been having other problems with your console, I guess there could be many other reasons causing the issue...
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