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From Yahoo News Top Stories

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.

Punting the Pundits: Up Dated with Videos

The Sunday morning taking heads are a sure way to start you day off aggravated. About the only one i am really interested in watching this afternoon when it gets in to the high 90’s here in NYC with humidity to match, is Fareed Zakaria GPS. His guest today are Niall Ferguson & Paul Krugman, economists with opposing views.

Harvard economist, Nail Ferguson:

(The) leaders of most of the world’s major economies. They are doing what Harvard historian Niall Ferguson espouses: fighting to get their debt under control and cutting spending before their countries become the next Greece.

NYT’s and Nobel economist, Paul Krugman:

(A) handful of nations who are staying the course and spending. Nobel Prize winning economist Paul Krugman says he fears we might already be in the 3rd depression — because governments haven’t been spending enough.

As dry as economics can be, these men make it not just understandable but “entertaining”.

Fareed will also be discussing this stunning statistic: the billion dollar price tag for each Al-Qaeda member.

h/t Elliot @ FDL

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