And we uncover that the German Landesbanks (the equivalent of the bankrupt Spanish cajas) did their own stress tests. Time for the PPT to step in with this pretext and soak up all offers. Totally pathetic BS.
Update 1: Somehow Bank of Ireland "passes" the test but needs over €2 billion in extra equity... uhm... WTF??? This is the point where the audience rushes the stage and burns the theater down.
Update 2: 5 Spanish cajas, 1 German and 1 Greek banks are eliminated on their quest to marry the US taxpayer. 84 other banks will soon be the recipients of far more US taxpayer generosity. And with that the season finale of the farce comes to a close.