Why don't we use the IMF for this too?

[RB TexLa]

Osborne says Europe needs tough bank stress tests


Writing in an opinion piece published in the Financial Times' Thursday edition, Osborne said Europe needed to agree a "comprehensive package" early this year to allay market concern about sovereign debt.

"The sense of crisis may have eased, but wide spreads and high market interest rates still stalk several European economies," he wrote.

"The euro zone must follow the logic of the single currency and stand more convincingly behind the euro."

Yields on bonds issued by countries struggling with debt and banking problems have risen sharply in recent months as investors have sought higher returns to compensate for their increased risk.

STRESS TESTS

Osborne, writing ahead of a gathering of European politicians and economists in Paris on Thursday, said a new round of stress tests planned for European banks needed to be far tougher and look at liquidity as well as core tier 1 capital.

He said external bodies such as the International Monetary Fund should be asked to validate the tests to help restore their credibility




http://uk.news.yahoo.com/22/20110106/tuk-uk-britain-osborne-europe-fa6b408.html

[AlabamaLibrul]

1. Because we work for them, they don't work for us

end of transmission

[PDJane]

2. The reason that the IMF lost credibility

Is that it has been an arm of US financial policy.

Of course they work for the US; they just work for the US.