Addressing a discussion forum on Greek economy hosted by "Eurobank EFG," a Greek private bank, Finance Minister George Papaconstantinou expressed his optimism that Greek banks will pass the European "stress tests." 91 European banks participate in the tests representing half of the European banking system (55%). In Greece, six banks, accounting for 90% of the local banking system, will be "put to the test."

Stress tests constitute a mechanism which helps banks assess the viability of their restructuring plan, in times of financial distress. The EU has so far conducted only one stress test - in 2009 for the banking sector as a whole - and the results indicated that the sector was sound.

The current stress tests will examine the status of individual banks, the results of which will be published respective EU countries.

European Central Bank: Stress Testing and Financial Stability Policies