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Excerpt from The New York Times -- "Europe needs a credible plan to rehabilitate its banks. The most direct way would be for the governments of the euro zone to pool resources and issue the same ultimatum America did: Raise more capital or our governments will invest in your banks in ways that will benefit taxpayers and disadvantage your shareholders. The economists Viral V. Acharya and Sascha Steffen have estimated that the capital backstop needed could exceed 500 billion euros."

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