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Economists Harry Huizinga and Harald Benink say an "implicit state guarantee" has kept the...

Economists Harry Huizinga and Harald Benink say an "implicit state guarantee" has kept the eurozone's banking sector afloat thus far but warn that a recapitalization "has been postponed … for far too long." Last year, government guarantees "provided banks in Europe with an annual average funding advantage amounting to 0.3% of total assets [or] an implicit guarantee of about €650B," but continued procrastination regarding a recap could put Europe "on a course towards Japanese-style inertia," the report cautions.
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