Commentary: Europe's Wireless Auctions: Give The Money Back

The huge amounts required for winning bids could cripple small players

Mobile spectrum. These are the airwaves reserved for cell-phone signals, and for a few months last year in Europe, spectrum for the so-called Third Generation wireless networks was as popular as the fabled Dutch tulip bulbs. Europe's phone companies dug deep into debt to win auctions in Britain and Germany.

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