Spanish news agency Efe has reported that 11 banks from 6 European countries are looking like failing the stress tests. There are 4 from Greece, 3 from Italy, 2 from Austria and one each possibly from Belgium, Portugal and Cyprus.
None were named and the news was gathered from several sources.
It’s likely that the banks failing are once again smaller regional entities rather than any of the big boys, which would rock markets if they fail the tests. We’ve long maintained that this was going to be the worst kept secret as there’s no way you can lock down every bank and employee in the know from spilling the beans.
Sunday is D-day for the banks as that’s when the results will be made public but banks have been given an idea of the outcome in advance.
Full details from Reuters here (H/T Livesquawk)
