Europe Says Europe Has "Lost Credibility"

Deeply philosophical headlines, via Bloomberg, from our European allies:

*GERMAN BDB BANKING ASSOCIATION SAYS EBA `HAS LOST CREDIBILITY'

*GERMAN BDB BANK ASSOC. CRITICIZES EUROPEAN STRESS TESTS

*BDB SAYS STRESS TESTS HAVE NOT HELPED STABILIZE THE MARKET

*BDB SAYS GERMAN BANKS ARE NOT UNDERCAPITALIZED