Those bank stress tests: Not serious then?

“If the European Union could monetise the value of the credibility it has destroyed it would be richest organisation on earth,” said one major credit manager.

Reading more of the story, it seems that they deliberately did not include any consequences of a sovereign default….ho hum.

1 thought on “Those bank stress tests: Not serious then?”

  1. And in response, the ratings agencies promptly downgraded seven banks in Portugal.
    Haven’t we got enough of these stress tests already? Greece at ZZ–, bank supervisors all over Frankfurt, etc.
    So this stress testing was always going to be a whitewash, wasn’t it?

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