Innovative do: 25 Banks Just Failed Europe's Biggest Ever Health Tests

25 Banks Just Failed Europe's Biggest Ever Health Tests

25 of Europe's biggest banks just failed the Eurozone's first united health check (out of 130 in total). Here's the breakdown from the ECB:

Key results of comprehensive assessment of 130 largest euro area banks:

Capital shortfall of €25 billion detected at 25 participant banks

Banks' asset values need to be adjusted by €48 billion, €37 billion of which did not generate capital shortfall

Shortfall of €25 billion and asset value adjustment of €37 billion implies overall impact of €62 billion on banks

Additional €136 billion found in non-performing exposures

Adverse stress scenario would deplete banks' capital by €263 billion, reducing median CET1 ratio by 4 percentage points from 12.4% to 8.3%

Exercise delivers high level of transparency, consistency and equal treatment

Rigorous exercise is milestone for the Single Supervisory Mechanism starting in November

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Brazilian presidential polls open with Rousseff as narrow favorite

Brazilian president and candidate of the Workers Party (PT) Dilma Rousseff (L) (taken in Brasilia, on October 7, 2014) and Aecio Neves (R) (taken in Sao Paulo on October 6, 2024), presidential candidate of the PSDB

Rio de Janeiro (AFP) - After a contentious campaign, Brazilian polls opened amid tight security Sunday as voters headed out to elect their next president.

Some 143 million people in the world's seventh-largest economy were choosing between leftist incumbent Dilma Rousseff, who final opinion polls showed had a narrow edge, and Social Democrat Aecio Neves, scion of a famous political family.

Polls gave Rousseff between a four- and six-percent lead over her rival, though the election remained too close to call.

Winning back front-runner status after trailing Neves after the first round has been a battle for Rousseff, a former guerrilla once jailed and tortured for fighting the country's 1964-1985 military regime.

"We are voting for a more equal Brazil with more opportunities," said Rousseff, Brazil's first woman president, as she cast her vote in the southern city of Porto Alegre where she grew up, after polls opened at 1000 GMT.

Sunday's vote was widely seen as a referendum on 12 years of government under her Workers' Party (PT) -- eight under working-class hero Luiz Inacio Lula da Silva and four under Rousseff, who has presided over four years of anemic growth culminating in recession.

The PT has endeared itself to the masses, particularly in the impoverished north, with landmark social programs that have lifted some 40 million people from poverty, increased wages and brought unemployment to a record-low 4.9 percent.

However, Rousseff has presided over rising inflation and a recession this year. She also faced massive protests last year against corruption, record spending on the World Cup, and poor services, notably education, health care and transport.

Rousseff must also ride out a multi-billion-dollar embezzlement scandal implicating dozens of politicians -- mainly her allies -- at state-owned oil giant Petrobras.

Rightwing news magazine Veja on Friday quoted a suspect in the case as saying Rousseff and Lula personally knew of the scam. She roundly denied the claim and threatened to sue.

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