They must have been terrified the markets would get frit. As it was the Euro dropped severely during the day as rumpours (particularly about Spain) fed into the trading floors.
During the day the Euro rallied, but was last seen in a downward direction.
Euro falls as credibility of stress tests questionedHowever the Euro spin meisters of Frankfurt now have the weekend to big up their figures
'The results of the test confirm the overall resilience of the EU banking system to negative macroeconomic and financial shocks, and are an important step forward in restoring market confidence,' the EC, ECB and the Committee of European Banking Supervisors (CEBS) indicated.before the continents markets and most importantly London opens for business.
The problem is, is that the markets themselves do not seem to be convinced that the tests were authoratitive.
"Investors quickly deemed some of the tests' terms insufficiently onerous. As details of the test methodology trickled out Friday, the euro fell back from early gains to trade lower against the dollar. European bank stocks, strong during the week, retreated in New York trading."