A source within the Eurozone banking system said that up to fifteen European banks could fail the so-called “stress” tests designed to accurately report the viability of the region’s banking system. This estimate is double last year’s results that were deemed too ineffective in rooting out those institutions at risk of failure.
Most of the failed banks are expected to be in Greece, Germany, Portugal, and Spain and officials are already working behind the scenes to shore up the affected balance sheets.
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