The potentially delusional Europeans are setting an "illusionary" timetable for what may be magical tests based on comically enormous spreadsheets that may or may not accurately reflect anything.
Europe has set itself a "completely illusionary" timetable for the next round of bank health checks and risks having to cut corners to meet deadlines, a source involved with the preparations told Reuters.
Regulators may run the long-awaited stress tests before completing essential preparatory work such as asset quality checks, the source said, a decision that could compromise the quality of the results….
The source described the timeline and sequence as "completely illusionary" given the amount of work to be done to produce robust asset checks ahead of the stress tests, and to do so with more credibility than before.
"This is more than a normal audit. Banks will have to fill out enormous excel tables," the source said.