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Greek Economy in the Spotlight

♦ Greek Banking System Passes “Stress Test”

(GREEK NEWS AGRNDA)   According to a Bank of Greece report on financial stability, published yesterday (June 23), the fundamentals of the Greek banking system are healthy and the sector could withstand even the most severe crisis.  “The results of the stress tests on lenders were encouraging, showing that the banking sector is in a position to handle particularly intense shocks, which have exceptionally little likelihood of appearing” said the country’s central bank in a statement. The “stress test” -prepared in cooperation with the International Monetary Fund- was based on a sample of nine banks and aimed at evaluating the potential of the Greek banking system. Kathimerini daily: Bank stress tests “encouraging”

♦  EU Commission Report on EMU Public Finances

The European Commission published yesterday (June 23) the 2009 report on Public Finances in Economic and Monetary Union (EMU), reviewing how Member States have been tackling the challenges from the financial and economic crisis and assessing the prospects for public finances in the future. As far as the Greek case is concerned, the European Commission forecast that Greece’s budget deficit is going to increase to just above 5 percent of gross domestic product this year.  European Commission: Public Finances in EMU-2009