Just last week, Greece and Ireland made the same blanket guarantees the only other European countries to do so.

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At a late stage Mr Geithner rejected the idea of a government-run bad bank (as well as blanket guarantees for noxious assets), put off by the high upfront cost and the problems it would have valuing the debt.

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The Irish did the opposite, giving blanket bank guarantees in September 2008 which have recently been extended to the end of June at least.

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