European banks need 80 billion euros boost: report

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European banks need a recapitalisation boost totalling 80 billion euros ($110 billion) according to an EU estimate that is far less than analyst forecasts, the Financial Times reported on Thursday.

The European Union's estimate compares with a 100-200 billion-euro hole in banks' balance sheets according to the International Monetary Fund and that of 300 billion euros by US investment bank Goldman Sachs.

The FT cited people familiar with the outcome of an emergency stress test of Europe's banks by the European Banking Authority.

© 2011 AFP

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