Portuguese banks to pass stress tests: Portuguese minister

LISBON, July 22, (Xinhua) -- The Portuguese Minister for the Presidency Pedro Silva Pereira on Tuesday expressed confidence that Portuguese banks will pass the stress tests.

"We are waiting for the results with calm and confidence," Pereira said after a government meeting. "We have no reason to doubt the consistency of our financial system".

On July 23, the Committee of European Banking Supervisors (CEBS) will release the first results of stress tests on 91 financial institutions. The results of the other banks will not be published until Aug. 6.

The stress tests were first applied in the United States as a consequence of the financial crisis. After the Greek debt crisis, the CEBS decided to apply the tests to European banks in order to verify their exposure to debts with low probability of being refunded.

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