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So, if Merkel was for the publication of the results from the beginning, what do you make of this?

Berlin Supports Transparency: German Flip-Flops on European Bank Stress Tests - SPIEGEL ONLINE - News - International

According to an article in the Financial Times Deutschland on Thursday, Berlin is prepared to buck the intense opposition of German financial institutes and back the publishing of stress-test data. The report was confirmed by a Finance Ministry spokesman on Thursday.

News of the course change comes a day after the governor of the Bank of Spain, Miguel Angel Fernandez Ordonez, said that Spain would move forward on its own even if the rest of Europe did not. The central bank, he said, "plans to disclose stress-test results ... so markets can perfectly assess the situation of Spain's banking system."

Fretting About Health

Madrid's push to reveal the results of the tests stems partially from a German media reports earlier in the week and repeated in Spanish business paper El Economista on Wednesday that the EU, the International Monetary Fund and the US Treasury were assembling a €250 billion ($335 billion) credit line for Spain. Both Spain and the European Commission were, however, quick to deny the rumor.

Coupled with the following, I was assuming "Berlin's opposition" was Merkel doing what Ackermann told her. Though by the time the summit came along yesterday, Spain's Central Banker had upped the ante.

European Tribune - Barroso to plebes: nice indebted democracy you have there...

El Banco de España publicará las pruebas de estrés a la banca para demostrar su solidez · ELPAÍS.comThe Bank of Spain will publish the stress tests of [Spain's] banking to prove its solidity.
El gobernador del Banco de España, Miguel Ángel Fernández Ordóñez, ha revelado hoy que se propone hacer público "el resultado de las pruebas de estrés a la banca" para demostrar la solidez del sistema financiero español.The governor of the Bank of Spain, Miguel Ángel Fernández Ordóñez, today revealed that he intends to publish "the result of the banking stress tests" to prove the solidity of Spain's financial system.

This on the heels of yesterday's

European Tribune - Comments - European Salon de News, Discussion et Klatsch - 15 June

España quiere que se publiquen los resultados del examen a sus bancos · ELPAÍS.comSpain wants the results of stress tests of its banks to be published - ElPais.com
"Si se conocieran los resultados de los test, habría más de una sorpresa", alegan las fuentes consultadas, que subrayan la buena nota obtenida por las entidades españolas. No todos quieren que se conozcan. Josef Ackermann, máximo ejecutivo del Deutsche Bank, declaró el viernes que sería "muy, muy peligroso" difundir los resultados de las pruebas."If the results of the tests were known, there would be more than one surprise", claim the sources consulted, who underscore the good grade obtained by Spanish entities. Not everyone wants them to be known. Josef Ackermann, chief executive of Deutsche Bank, said last Friday that it would be "very, very dangerous" to release the results of the tests.

Who will be the loser (politically) as a result? Ackermann or Merkel?

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Carrie (migeru at eurotrib dot com) on Fri Jun 18th, 2010 at 12:43:18 AM EST
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