Top of the Agenda: Europe Awaits Bank Stress Test Results

Investors were awaiting results of European bank stress tests of European bank stress tests (NYT) today amid concerns about whether the tests would be rigorous enough to calm doubts about weaker institutions. Bank analysts are in for a long weekend as they pore over the findings of separate reports findings of separate reports (Telegraph) on Europe's 91 largest banks to determine how Europe's financial system would cope in a new crisis. New data from the eurozone show that its weaker members are more dependent on the European Central Bank its weaker members are more dependent on the European Central Bank (WSJ) than ever before.Reported by A Pakistan Times

The euro has rallied 8 percent (Bloomberg) from a four-year low last month. Greece, Spain and Portugal have sold 50 billion euros ($64 billion) of debt since May 10, when European finance ministers created a nearly $1 trillion rescue fund and the European Central Bank started buying bonds.
sources: www.cfr.org