Spain's 14 biggest banks may need as much as 60 billion euros in capital to remain solvent, according to an independent analysis released on Friday. The results of the so-called "stress test" fell within investor expectations, and pave the way for the European Union to release emergency loans to Spanish banks. Weakness in Spain's banking sector has only exacerbated fiscal problems in the country, which is currently struggling with a massive debt burden that has made its borrowing costs perilously expensive. The Spanish government this week unveiled tough new austerity measures to close the hole in its budget deficit, which sparked protests across the country.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- What is driving the increasingly weird behavior of the polar jet stream?
- 43 TV shows to watch in 2014
- Christians have no moral rationale for spanking their children
- How our botched understanding of 'science' ruins everything
- The science of sex: 4 harsh truths about dating and mating
- 6 things the happiest families all have in common
- Why America should team up with Bashar al-Assad's regime
- Should you hope to die at 75? Absolutely not.
- Stop hating on cyclists
Subscribe to the Week