25 European banks fail stress test

The results of a "health check" of European banks showed some banks are so anemic, they could drag down the entire European economy, reports CNNMoney.
 
Twenty-five banks failed the test, according to the report, with Italy's banks faring the worst - nine of the country's 21 banks failed the test. Greece and Cyprus, whose economies already required bailouts from the European Union, also did poorly.
 
Regulators at the European Central Bank and the European Banking Authority spent the past year examining European banks' ability to withstand an economic downturn. They found a shortfall of more than $31 billion in the deficient banks, many of which have already raised enough capital to cover their shortfalls or have submitted plans to do so.

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