Greek banks will pass stress tests

Greek banks will pass European Union stress tests conducted to assess how the sector would cope with another economic downturn, the country's Finance Minister said.

"I'm certain that Greek banks will pass these tests intact," George Papaconstantinou said.

Greece's central bank chief George Provopoulos also said on Saturday he expected the country's banks to come through the stress tests. [ID:nLDE66G00L]

Market optimism about the stress tests results expected to be published on Friday sent Greek banks stocks higher on Monday. The benchmark index <.FTATBNK> was up 3.1 percent at 1154 GMT outperforming a 1.6 percent rise in the general index <.ATG>.

Greece's sovereign debt crisis has hurt the country's lenders, depriving them from wholesale market access to refund their operations and making them dependent on ECB financing.

The aim of the test of 91 European banks is to restore investor confidence by pinpointing any weak spots and forcing vulnerable banks to raise cash.