Originally posted on EconoTwist's:
Hmm…must be that time of year, or something.. Anyway – European bankers are gearing up for another stress test. Yes, their third. But, hey! This time they promise to get it right. The ECB has even hired the best external stress tester in the business to do the job. US-based financial consultancy firm Oliver Wyman, a company who has a proven track record for coming up with the right numbers. However, not always the most accurate ones.
“This is the last opportunity to reestablish confidence in the European banking system.”
Stress testing of European banks is actually one of the most entertaining parts of the financial crisis. It’s almost hilariously funny to watch the troubled bankers desperately trying to cork a swiss cheese with a soft gun – the holes just multiply and keeps getting bigger.
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