Steinbrueck: Nothing to see here, move along…

We can handle a pseudo-stress test but not the real thing. That seems to be the message from German Finance Minister Steinbrueck at the G8 meeting: “We want stress tests, but stress tests of the system not related to individual banks,” German Finance Minister Peer Steinbrueck told reporters in Lecce. “The European banking sector, and the German one in particular, is a lot more heterogeneous than the North American one”. Exit strategies from extraordinary actions to combat the banking crisis was the main topic of discussion, Bloomberg reports.

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