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’Norway doesn’t need no stinkin’ stress tests
The European Union’s banking stress tests cover 91 banks in 20 countries.
Seven of those financials are Nordic — but none of them are Norwegian.
Norway is of course, not a member of the EU, but it keeps close ties,
A Greek/Estonia swap?
Estonia received the final okay from eurozone finance ministers on Tuesday to enter their currency union next year. It will become the 17th European Union member to do so when it joins on January 1, 2011.
A CEE stress snapshot
A quick overview of the situation facing CEE on Wednesday:
Latvia
- The government’s latest debt auction fell flat on Wednesday, with investors picking up only 2.04m of the 24m lats worth of debt on offer.
S&P cuts Baltic states’ ratings
S&P on Monday cut Latvia’s credit rating for the fourth time in a year as the country revealed its economy shrank by a fifth in the second quarter. The downgrade highlights the plight of the Baltic region amid the EU’s deepest recession.
Estonia, nul points
Sovereign European states have always been and always will be notoriously competitive. Unsurprisingly, this can in some cases lead to some pretty silly things, among them the yearly embarrass-athon that is the Eurovision song contest.