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To: Haim R. Branisteanu who wrote (113253)	7/23/2010 9:00:04 PM
From: Hawkmoon	Read Replies (1) \| Respond to of 116555

I would agree with you about the "stress tests" being BS, both in the US and Europe.. But I also wonder why they didn't count sovereign debt held in non-trading accounts and apply the necessary "haircuts" and assessing sovereign debt default risk. It's as if they have stated that no country in Europe will default and those debts will be paid in full, WITHOUT the political authority to prevent it. I've read that the German Federal Constitutional Court is still reviewing the legality of this bailout. spiegel.de Could that cause the entire deal to unravel? zerohedge.com spiegel.de That's inherently the problem with Europe. It's a consensus based financial system, with disparate Central Banks often looking to advance their own nation's parochial economic interests over the rest of the EU. Hawk