``"What's scaring investors is the question of whether banks are giving money to companies that deserve to go bankrupt and keeping them alive to avoid recording losses," Mascia Bedendo, an assistant professor of finance at Bocconi University in Milan, said in a phone interview. "The amount of forborne and nonperforming loans is still very obscure.''... ESMA, the European Union's top markets regulator, said in November it expects banks' 2013 financial reports to provide more granular data to allow investors to better assess the effect forbearance has on credit risk and financial positions. ''

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