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None needed recapitalization or government guarantees.
Padoan has more recently created an imaginative public-private partnership to finance a desperately needed recapitalization of Italy's banks.
Sweden formed a new agency to supervise institutions that needed recapitalization, and another that sold off the assets, mainly real estate, that the banks held as collateral.
Though the two leaders announced that they were in agreement that European banks needed recapitalization, they declined to give any details on the plan that they would propose by the end of October.
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It said it would not identify individual banks that might need recapitalization, as that remained the responsibility of national governments.
Therefore we need recapitalization, not of banks, but of people.
The crucial question is whether it can be applied at a financial institution that needs a recapitalization in the hundreds of billions, rather than the hundreds of millions.
But, otherwise, in terms of a business, it doesn't need constant recapitalization.
The periphery banks need their recapitalization to be funded by the state, which increases national debt.
It's not clear, though, that the governments yet have the stomach to force through the immense recapitalizations needed.
Whether governments have the legal authority to require recapitalization is in question.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com