Spain’s Minister of Economy and Finance Elena Salgado has said that all Spanish banks have passed the stress tests, according to Doug Kass’ twitter.
Now Salgado is claiming her comments were “taken out of context,” according to Zero Hedge.
This comes just a day after it was announced that the German lender, Hypo Real Estate, which has already been nationalized, had failed the tests.
rumours this morning have also suggested that all French banks and most Greek banks have also passed the tests.
What this confirms is that the tests were not as stringent as many had hoped, but that Spain may still be in trouble. It remains to be seen whether the results will actually serve to increase confidence in the continent’s banking system, or if investors will remain sceptical amid questionable results.
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