Several Spanish Banks Failed Stress Tests

Several of the 18 Spanish savings banks have failed the European stress tests performed by the European Union to assess whether the institutions could cope with a worsening economic conditions. The test results will be released today after the markets close in Europe (11AM ET). 91 banks will be included, which account for 65% of all EU banking assets.

The news was a reported by El Pais, a Spanish newspaper. The tests should show that some banks not listed on the stock exchange need an injection of capital under some scenarios, says El Pais, quoting financial sources.