Fudge or fix?


Governments across the globe have collectively spent trillions of dollars to help prop up ailing banks via capital injections, pump liquidity into the financial system and breathe life back into economies through a hotchpotch of stimulus packages. But so far, initiatives to rid bank balance sheets of the toxic assets that helped trigger the crisis have been limited.

Although many have made use of the US Term Asset-Backed Securities Loan Facility or looked to reduce the size of balance sheets by

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