WSJ Blasts Euro Stress Tests, Greek PM Reshuffles Cabinet, As PIMCO Says Country Is "Insolvent", Euro Plunging

Here’s a quick 1-2-3-4 of Europe news for you this morning.

The Wall Street Journal is out blasting the European stress tests, arguing that holdings of sovereign debt among European banks were understated — a serious problem, given that sovereign debt risk is the big issue on the continent right now.

As for the poster child, Greece, the PM has done a mass firing and reshuffling of his cabinet in hopes of shaking things out of their doldrums. The finance minister Papaconstantinou will remain.

Meanwhile, PIMCO’s Andrew Bosomworth declares: “Greece is insolvent.”

And the euro is tanking this morning.

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