World-Sheet Duality, Space-Time Foam, and the Quantum Fate of a Stringy   Black Hole
  We interpret Minkowski black holes as world-sheet {\it spikes } which are related by world-sheet { \it duality} to {\it vortices } that correspond to Euclidean black holes. These world-sheet defects induce defects in the gauge fields of the corresponding coset Wess-Zumino descriptions of spherically-symmetric black holes. The low-temperature target space-time foam is a Minkowski black hole (spike) plasma with confined Euclidean black holes (vortices). The high-temperature phase is a {\it dense} vortex plasma described by a topological gauge field theory on the world-sheet, which possesses enhanced symmetry as in the target space-time singularity at the core of a black hole. Quantum decay via higher-genus effects induces a back-reaction which causes a Minkowski black hole to lose mass until it is indistinguishable from intrinsic fluctuations in the space-time foam. 
John Ellis, N.E. Mavromatos and D.V. Nanopoulos