Protecting your own



Inefficiency is its own reward. That was probably what Alstom creditors were thinking when they first heard the news that the French government was embarking on another Baywatch mission, having already rescued France Télécom only eight months previously. But in the case of Alstom, France has come out of the closet and is executing an unashamedly explicit bailout of a major industrial.

At a time when the European corporate bond market is going through its first down cycle, all the

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