By RFE RL
(RFE/RL) — Europe’s banking regulator says eight of 90 banks failed stress tests that project how they would fare in another recession.
Two were from Greece, five from Spain, and one from Austria.
The European Banking Authority said that 16 other banks barely passed the test.
Banks that fail must have firm plans by September on how they will plug capital shortfalls by the end of this year.
The health check of European banks is aimed at restoring investors’ confidence.