European stress test results are streaming out and surprise, surprise, looks like most of them are passing. All but one of the 14 German banks passed - nationalized mortgage lender Hypo Real Estate Holding failed - while all four French banks tested passed. Results still trickling through but in Spain Cajasur has failed. That’s not surprising either, this is the church-controlled lender that panicked financial markets when it was seized by the Bank of Spain in May. All Spanish and Italian banks have passed the tests too. (Source: the WSJ)
My point. This is the reason I left Europe and moved to the USA. The game in Europe, any game, is rigged by the groups in power. The stress test is no exception.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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