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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap EU finance ministers vow to help stressed banks AFP - 1 hour 25 minutes ago Send IM Story Print EU finance ministers vow to help stressed banks BRUSSELS (AFP) - – European finance ministers sought Monday to restore confidence in Europe's economy, vowing to help banks that fail financial "stress tests" and crack down on governments with big deficits. Belgian Finance Minister Didier Reynders, whose country holds the rotating EU presidency, said governments would "take the necessary measures" if the tests show that some banks appear vulnerable to a new economic crisis. Finance ministers also defended the methodology of the tests and denied that standards had been watered down to ensure good scores for the 91 banks being examined. Tests on the banks, which account for 65 percent of the European banking system, are to be released on July 23 amid hopes they will reassure markets, which fear the banks may have hidden some of their problems under the carpet. "When there will be a result, we are committed in Europe to take determined action if needed at the moment the stress tests are disclosed," said Dutch Finance Minister Jan Kees de Jager. German Finance Minister Wolfgang Schaeuble denied that the criteria for the tests had been eased to ensure that banks pass them. "First it was said that they were too tough, that they would lead all the banks towards bankruptcy. The next day it was said that they were too weak and that the exercise is useless," Schaeuble told reporters. "In general, the truth lies somewhere in the middle," he said. The German finance minister said the tests were "an important step to end the uncertainty which is persisting on the markets regarding the situation of banks in Europe." Austrian Finance Minister Josef Proell also rejected criticism of the way the tests are conducted, insisting that there was "no political influence either on the definition of the parameters, nor on the results." Fears over the health of banks caused the euro to fall against the dollar on Monday. "The main question is in what detail the results for 91 banks are to be released," said a Commerzbank note to clients. "If the published results are too vague, speculation about problems at some banks will arise." The debt crisis has forced European governments to bail out Greece and set up a 750-billion-euro loan package with the International Monetary Fund to help any other state that may need the help. Meanwhile EU president Herman Van Rompuy hosted the third meeting of a task force created in March to find ways to reinforce budget discipline in the wake of the Greek deficit and debt debacle which shook the euro currency. Van Rompuy said finance ministers agreed on the need to impose tough new sanctions against countries that run deficits exceeding the EU limit of three percent of national output, including a halt of certain EU aid. "The scope of financial and non-financial sanctions will have to be widened, including in the community budget," Van Rompuy said in a statement. He said ministers discussed recommendations made by the European Commission, which has suggested that the EU should suspend farm, fishing and regional development aid to member states that violate the Stability and Growth Pact. The health of the European banking sector has come under sharp focus from investors worried that they might have been hit hard by Europe's sovereign debt crisis. Some economists have warned that the stress tests would show that a few European banks need fresh capital. In Spain alone, banks could need a total capital injection of 50 billion euros (63 billion dollars), said analysts at Royal Bank of Scotland. Some big European banks are mulling the creation of a 20-billion-euro private sector recovery fund to bail out troubled financial institutions, the head of UniCredit bank, Alessandro Profumo, told the Financial Times. 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