The problems relating to eurozone public debt have worsened significantly since the June MSR. Agreement on the restructuring of Greek debt (in particular the prospect of "voluntary rollover" by private bondholders) has still to be reached, with a meeting of European leaders scheduled for 21 July. Fears of contagion into the wider European economy and banking system have intensified. Eight EU banks failed the latest "stress test" set by the European Banking Authority, with some commentators arguing that the tests were not stringent enough as a sovereign default was not a considered scenario.
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