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In an op-ed, NYU Stern faculty argue Europe's banks need a TARP of their own

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Excerpt from Bloomberg -- "With bank runs already under way, the immediate requirement is a euro-area Troubled Asset Relief Program like that used in the U.S. to clean up the banks during the 2008 financial crisis. The existing European Financial Stability Facility and the anticipated European Stability Mechanism aren’t up to the challenge."

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Additional coverage appeared in The Washington Post blog.