Europe’s Banks Would Need $355 Billion in S&P Stress Scenario

Europe’s banking system would need as much as 250 billion euros ($355 billion) of new capital if faced with a “sharp” increase in yields and a “severe” economic contraction, Standard & Poor’s said in a report.
The report imagines three stages that may happen from 2011 to 2015 including soaring yields triggered by an interest-rate shock, restricted market access for weaker sovereigns and a “very severe” downturn in the economies of Greece, Ireland, Portugal and Spain................

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