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Brussels blog by some wire service journalists

8 banks flunk controversial European stress test

By DAVID McHUGH and GABRIELE STEINHAUSER

FRANKFURT, Germany (AP) — Eight of 90 banks flunked stress tests projecting how they would fare in another recession, and 16 more barely passed — but the results proved controversial.

Some countries challenged the results as inaccurate and overly pessimistic, while analysts worried the tests did not account for the key risk of a Greek debt default.

As it presented the results Friday, the European Banking Authority said the failing banks should quickly take steps to thicken their financial cushions by a total of euro2.5 billion ($3.5 billion). The banks that barely passed would also have to boost their finances in coming months.

READ FULL STORY HERE.

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