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Eight banks fail EU stress test

Eight out of 90 European banks have failed stress tests designed to ensure they can withstand another financial crisis.

The European Banking Authority said another 16 banks were in the danger zone.

Five Spanish banks failed, as well as one in Austria and two in Greece.

On Wednesday, Germany's Helaba pulled out of the stress tests, effectively making it the ninth bank to fail.

James Whittington reports.

  • 15 Jul 2011