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Tuesday, 13 October 2009

IMF sees EU banks losing over €400 bln by 2010

The International Monetary Fund (IMF) has cut its estimate of global banking losses in the last six months but forecast an increase in writedowns in the next year. "Actual and potential writedowns from bad assets such as loans and securities have fallen by some $600 billion over the past six months, from about $4 trillion to $3.4 trillion, as a lessening in financial stress has narrowed spreads", reads the biannual Global Financial Stability Report published on 30 September by the IMF. The encouraging review, based on the IMF's worst-case estimates in April, has been welcomed by financial operators, although the new data provided by the fund are not only positive.

Source: Euractiv