Greek banks must find extra €14bn to survive dire economic downturn

European Central Bank audit identifies capital shortfall in worst-case scenario

Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they could withstand an economic downturn, the European Central Bank said on Saturday.

The four banks – Alpha Bank, Eurobank, NBG and Piraeus Bank – have until 6 November to say how they intend to make up that shortfall, the ECB said. Continue reading

Sweden Proposes Nordic Battalion Force Plan

HELSINKI — A potential joint Nordic Battalion Force (NBF) will be on the table when defense ministers and commanders from Sweden, Finland, Norway and Denmark meet to discuss the Swedish proposal this fall.

The concept for establishing the modular-style NBF is fundamental to a closer and meaningful Nordic defense cooperation, said Swedish Armed Force chief Gen. Sverker Göransson. Continue reading