Well if the Euroland banks are sitting on 16.3 trillion of toxic waste they should try the same accounting wheeze as the US banks just did and turn them into Phantom record profits then pay themselves huge bonuses for doing so. As long as everyone agrees that banks are allowed to use mark-to-make-believe or accrual accouting the day of reckoning will be pushed far far into the future - ABS/MBS typically have notional maturity dates way off in the future (decades, often 50+ years).