EU officials welcome Slovenian banking sector stress test

European Union (EU) officials on Thursday commended Slovenia for successfully undertaking a banking sector stress test. According to the test result reveals a 4.8 billion euro capital shortfall in Slovenian banking system. The government of Slovenia would inject 3 billion into three largest state-owned banks, insisting it would not need an international bailout. Olli Rehn, EU commissioner for Economic and Monetary Affairs, said the results of the stress tests were positive, adding it was clear Slovenia would not need financial aid. "Today, it is clear that Slovenia can proceed with the repair of its financial sector without turning to her European partners for financial assistance. This is good news and demonstrates both the paramount importance of decisive action by the authorities and the fact that the overall economic recovery of the eurozone is now solidly underway," he said. The assessment in Slovenia was carried out by four leading external consultants in close cooperation with the European Commission, the European Central Bank and the European Banking Authority. Rehn's positive comments was echoed by Jeroen Dijsselbloe, the president of Eurogroup. "I welcome the transparent communication of the results and was reassured by the Slovenian authorities that they will use their own sovereign capacity to adequately cover the final capital needs of the banking sector," he said.