Lagarde: Positive over Stress Tests on EU Banks

Lagarde: Positive over Stress Tests on EU Banks

Christine Lagarde, the French Economy Minister on Tuesday, expressed confidence concerning the results of the stress test being performed on many European banks. The results are slated to mark its official announcement, on Friday.

"I am confident", the French Minister was quoted as saying after a news conference. However, he preferred to remain silent on giving out further information regarding the same.

The stress tests aims to discern the performance of 91 banks across 20 countries. Basically, it wants to see whether the European banks are strong enough to keep themselves away from sliding into another economic turmoil and incur losses on sovereign debt holdings.

The tests conducted reflect an attempt to keep the confidence growing following the Greek debt crisis that hamper the markets across the world and triggering jitters that Eurozone could separate.

The French banks included in these tests are BNP Paribas, Societe General, Credit Agricole, and BPCE, and the Franco-Belgian bank.

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