U.S. Treasury Secretary Tim Geithner is calling on Europe to conduct a stress test of their banks similar to the one the U.S. conducted in 2009, according to CNBC.
The test would, according to the senior official who spoke with CNBC, not work the same way as the U.S. test because their is no TARP facility to plug gaps in bank funding during the test.
This announcement comes just minutes after news emerged than another four Spanish banks were considering merger.
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