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Europe’s Banking Stress Test causes stress Jul 16, 2011 // Anthony IsabelNo Comments »European banking sector is feeling the stress and showing it in the market down 1.5 percent just above the two year low hit last week. Eight banks mostly small Spanish banks that are untraded banks failed the Euro stress test. The data showed that Euro banks held 98.2 billion euros of Greek bonds, 52.7 billion euros of Irish sovereign debt and 43.2 billion of Portugal.
European leaders are expected to meet Thursday in an attempt to agree on a second bailout for Greeces debt crisis. If a solution can be found on Greeces challenges it will be a step in the right direction relieving some of the pressure. The hope is that banks agree to take on some of the sovereign debt and give the euro zone countries room to recover.
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