Unless it is undertaken, however, good money will follow bad into the system, and zaito's hidden debts will continue to swell.

ECONOMIST: Just how bad are the Japanese government��s finances?

The markets are very sensitive to hidden debts.

BBC: Spain: Anti-Zapatero vote tests market nerves

On Friday, listeners will be hoping that Mr Berardino, whose company failed to uncover a slew of hidden debts while auditing bankrupt energy trading giant Enron, will explain how the accountancy profession aims to reassure investors that its audits can be relied on.

BBC: US Secretary of State Colin Powell

The civil complaint lays out a dizzying array of transactions that Enron employed over a four-year period to make it appear that earnings were growing steadily and that the company was able to pay its debts--many of which were hidden from shareholders through the use of off-the-book and offshore partnerships.

FORBES: Magazine Article

Banco Fator, the investment bank advising the government on the sale, insists that adequate provision has been made for any remaining bad debts, plus any liabilities for staff pensions, tax arrears and other hidden horrors that often come to light when a Brazilian company is sold.

ECONOMIST: Brazilian banks