In 2011 the ECB conducted one of its infamous stress tests and in July published its findings. A token few banks were highlighted as having capital difficulties under stress situations.
Fastforward to October and Belgium's Dexia was nationalised, after having received a clean bill of health by the stress test just months earlier.
Fastforward again to the last weeks and Spain's Bankia needs a bailout first of €5bn then €15bn and most recently €25bn. Just like Dexia it was given a clean bill of health by the stress test.
Now the bizarre thig is that we haven't even seen some of the stress scenarios covered by last year's tests.
It just shows how much of a rediculous PR exercise the whole thing was and how bankrupt our financial and political system is.
There was a very good review of the eurozone crisis on BBC radio 4 this morning that was talking about the waves of money coming out of Spain, Italy and other eurozone countries into Germany even though the German bond rates are now down to nil.
If there is a run on the Irish banks in advance of the collapse of the euro, the stress tests would mean little