Any valuables left in Europe's banks?

Problems are coming to light in the shift away from the idea that financial transactions need to be backed by tangible assets – at a time when it's very inconvenient for Europe's banks to address this.

In recent months, there has been a welter of speculation about how many toxic assets are sitting in eurozone banks. Now, however, investors face another challenge: working out how many good assets those banks hold on their balance sheets.


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