Quasi-degenerate binary systems of neutral mesons of the kaon type are
investigated in Quantum Field Theory (QFT). General constraints cast by
analyticity and discrete symmetries P, C, CP, TCP on the propagator (and on its
spectral function) are deduced. Its poles are the physical masses; this
unambiguously defines the propagating eigenstates. It is diagonalized and its
spectrum thoroughly investigated. The role of ``spurious'' states, of zero norm
at the poles, is emphasized, in particular for unitarity and for the
realization of TCP symmetry. The K_L-K_S mass splitting triggers a tiny
difference between their CP violating parameters \epsilon_L and \epsilon_S,
without any violation of TCP. A constant mass matrix like used in Quantum
Mechanics (QM) can only be introduced in a linear approximation to the inverse
propagator, which respects its analyticity and positivity properties; it is
however unable to faithfully describe all features of neutral mesons as we
determine them in QFT, nor to provide any sensible parameterization of eventual
effects of TCP violation. The suitable way to diagonalize the propagator makes
use of a bi-orthogonal basis; it is inequivalent to a bi-unitary transformation
(unless the propagator is normal, which cannot occur here). Problems linked
with the existence of different ``in'' and ``out'' eigenstates are smoothed
out. We study phenomenological consequences of the differences between the QFT
and QM treatments. The non-vanishing of semi-leptonic asymmetry \delta_S -
\delta_L does not signal, unlike usually claimed, TCP violation, while A_TCP
keeps vanishing when TCP is realized. We provide expressions invariant by the
rephasing of K0 and K0bar.Comment: 44 pages, 2 figures. Version to appear in Int. J. Mod. Phys.