At the start of 2009, the formula that would save securitization began with government intervention. Six months down the line, the U.S. and European markets have seen some results. For Europe, the story has naturally been fragmented or on a country-by-country basis where some governments pledging more support than others.

However, unless Europe takes the plunge to deal with the "toxic" asset overhang, something that the U.S. seems more willing to deal with, no real strides can be made toward truly restoring the market.

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