Europe gears up for zombie bank hunt

In Europe, the zombie hunt is on. Not for undead humans, that is, but zombie banks - the walking dead among lenders, too financially troubled to loan money to an economy that desperately needs investment, growth and jobs. The European Central Bank, the lead crisis-fighter for the 18 countries that use the euro, is embarking on an extensive search through the books of the biggest banks. It's an arcane exercise - but one whose results will impact people's jobs, businesses and lives. The idea is to restore the system's ability to lend by weeding out lame banks. Together with national regulators and the European Banking Authority, the ECB will first go through thousands of files from 128 of Europe's largest banks to hunt for hidden, soured loans and investments. That will be followed by stress tests that simulate how a bank would fare in a recession or crisis, according to a news agency.