As the U.S. works to put together its Troubled Asset Relief Program (TARP), comments by U.S. Treasury Secretary Henry Paulson suggest that similar schemes are being crafted in some non-U.S. countries.

Troubled sectors in Europe include U.K. assets in the nonconforming and CMBS space, Spanish RMBS and CLO assets, and Spanish and U.K. banks that are particularly dependent on wholesale funding. The more recent the vintage, the worse off the assets. Any TARP-like programs would likely be aimed at the above-mentioned asset types in Spain and the U.K.

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