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Puledda, Vittorio

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La Repubblica - Italy | 20/07/2010

European banks face stress

Rating agency Moody's lowered Ireland's credit rating on Monday. At the same time Hungary is in a clinch with the International Monetary Fund and Spain has defaulted on its payments. Moreover there is growing concern about the publishing of the results of the stress tests on European banks on Friday, writes the left-liberal daily La Repubblica: "Dark clouds are gathering on Europe's horizon and the tension is growing. For the results of the stress test performed on Europe's 91 major credit institutes will be published on Friday after the financial markets close. In the meantime there is growing fear and criticism, in particular of the method, which doesn't take account of differences between nations and therefore risks measuring different situations by the same standards. Others say that the stress tests are too lax, that the six-percent-hurdle for Tier 1 [core capital] is too low, that the great majority of the banks will pass the test with only few exceptions, including the nationalised German real estate financing institute Hypo Real Estate."

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