They expected their borrowing costs would ease as a result of what they described as a "prompt and well-defined clean-up operation".

BBC: Spain's euro woes: Crisis deepens

Given that modest recovery for some of the worst-hit economies is already in view for next year, many investors are now worrying that any corporate clean-up, no matter how well-intentioned at the start, could lose momentum.

CNN: THE REAL WORK BEGINS

The Greater Houston Partnership, an alliance of hard-nosed businessmen that looms large locally, has worked well with Bill White, Houston's business-minded but green mayor, to support his clean-up of the city's air and water.

ECONOMIST: Beyond oil

The Nigerian government is treading a well worn path, with many governments having set up similar government-backed "bad" banks to help clean up their banking systems.

BBC: Nigeria's President Jonathan signs 'bad' bank bill