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  • Nouriel Roubini

    The pan-European stress tests on the banking sector were not tough enough to reflect future worsening conditions for the continent's economy, Nouriel Roubini told CNBC.com.

  • Jim Rogers

    "There are more problems coming in the currency markets, pension funds, US states and cities, etc. None of this was considered although the latter is only indirect for the European banks," the famous investor told CNBC.com.

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    One analyst says governments and regulators have missed a major opportunity that will come back to haunt them, even though European stocks advanced Monday on relief over results.

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    The results of pan-European stress tests released by the Committee of European Banking Supervisors (CEBS) are detailed enough for investors to work out for themselves losses that banks might incur in case of sovereign defaults if they wish, CEBS chairman Giovanni Carosio told CNBC in an interview Friday.

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    Seven of 91 European banks failed stress tests aimed at measuring their strength in case the continent's government debt crisis takes a turn for the worse, regulators said Friday. European Union officials hope the results will reassure markets worried about hidden bank losses from the crisis.

  • Map of Europe

    Most of the largest European banks, are well capitalized but these results "can't begin to tell the full story," Cohen said.

  • The European Debt Crisis - See Complete Coverage

    Seven of the 91 banks failed the EU stress test. Here's the country-by-country information.

  • All but a handful of European banks passed their stress tests but investors remained worried about the methodology, which many viewed as too easy on sovereign debt.

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    A number of analysts still believe the big stress-test questions need to be answered despite the European Union attempting to draw a line in the sand. 

  • The EU is faced with a dilemma: if the stress tests are too lenient they would lose their credibility and if they are too harsh they would potentially scare investors.

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    The euro fell sharply after the release of the methodology for pan-European stress tests, as investors still doubt that they will reflect the full extent of the woes.

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    "They have a huge informal economy. Informal economies don't pay taxes but people eventually show up as they get older looking for pension and looking for health care," Edward Hugh, nicknamed "Europe's prophet of doom," told CNBC.

  • The results of EU stress tests on 91 banks are expected to be published Friday. Here is some country-by-country information on the banks:

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    The EU is faced with a dilemma: if the stress tests are too lenient they would lose their credibility and if they are too harsh they would potentially scare investors.

  • The market is set for a strong earnings season with corporate guidance giving a clear indication that surprises will be on the upside, according to Saxo Bank.

  • These problems needed to be solved before investors could trust a move higher, Cramer said.

  • An octopus named Paul sits on a box decorated with a Spanish flag and a shell inside on July 9, 2010 at the Sea Life aquarium in Oberhausen, western Germany. Paul's task is to decide in favour of one of the shells hidden in boxes with the flags of the Netherlands and Spain to act thus as oracle for the upcoming final match of the FIFA Football World Cup between the two countries on July 11, 2010. Paul, the 'psychic' octopus, who had predicted well the result of six German matches earlier in the

    Paul the Octopus made his name by trumping well-established investment banks' predictions about which team will win the World Cup.

  • This will still be a sunny summer for stocks, according to the chief investment officer of Swiss private bank Sarasin, Burkhard Varnholt.

  • Portugal

    Investors do not see Portugal's rating downgrade by Moody's as an event that will shake the markets, but it confirms the fact that the outlook for the euro zone is still cloudy.

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    Moody's slashed Portugal's credit rating by two notches to A1, citing a deterioration of the country's debt ratios and weak growth prospects, the ratings agency said Tuesday.