When Not All Bonds Are Bonds

The first month of 2013 saw European bond markets treat banks as if the financial crisis was over the hump and on a solid path back to normality. But the Dutch government’s decision last Friday to nationalize SNS Reaal NV SR.AE -3.11% acted as a reminder that there are still a lot of unanswered q…

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When Not All Bonds Are Bonds

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