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1 Spotlight on bank tests as ECB readies rate meeting
by William Ickes, AFP
Sun Jul 4, 3:47 am ET
|FRANKFURT (AFP) – The European Central Bank on Thursday will urge eurozone banks and governments to shore up their accounts in the face of market pressure for a clear reading on the health of the European financial sector.
The ECB’s main interest rate will undoubtedly remain at a record low 1.0 percent set in May 2009 and bank president Jean-Claude Trichet will press banks again to draw on state support if necessary to bolster balance sheets.
Around 100 banks across Europe are being subjected to “stress tests” aimed at determining whether they can withstand shocks such as another recession or the default of a major borrower.