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24 European banks fail tests of financial strength

  • Twenty-four — or one in five — banks in Europe have failed key tests that measured their financial strength, media reports say.

    The European banking authority has found a €25 billion black hole in the banking system of the continent amid fears that the eurozone crisis could flare up again.

    Italian banks fared the worst, with as many as nine failing the tests and contributing to €9.4 billion of the total shortfall, media reports said. They include the Banca Monte dei Paschi di Siena — the world’s oldest bank.

    Three banks in Greece and three in Cyprus were among those who failed.

     

    Tagged as: Europe banks, financial strength, European banking authority, eurozone crisis, Italian banks, Banca Monte dei Paschi di Siena, Greece, Cyprus, business news