|13 Europe banks flunk test, must find 10B euros|
|News - St Augustine Area & St Johns County|
FRANKFURT, Germany — The European Central Bank says 13 of Europe’s 130 biggest banks have flunked an in-depth review of their finances and need an extra 10 billion euros ($12.5 billion) to cushion themselves against any future crises.
Although the landmark review identified only a handful of weak banks, ECB officials said Sunday that it was tough enough to ensure Europe’s banks will be purged of the bad investments that have made some of them hold back on lending.
That means the banks will be ready to lend to businesses when the economy finally picks up, they said.
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