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European banks need $12.5 billion to protect against a financial collapse

Twenty-five of Europe's largest banks flunked a financial stress test because they did not have big enough cash buffers to weather a hypothetical economic crisis, the European Central Bank said Sunday.

The stress test examined 130 banks' finances through the end of 2013. And of the 25 eurozone banks that failed, 13 have still not raised enough capital this year to insulate themselves from a future crisis. In order to do so, the ECB said, they'll need to raise another 10 billion euros, or $12.5 billion.

Those 13 banks have two weeks to report back to the ECB with details of how they'll make up the shortfall.