G-20 Pittsburgh Summit: Europe and US rift on bank capital; IMF says banking crises leave “long-lasting scars”
Sep 23rd, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
G-20 Pittsburgh Summit: Leaders from the Group of 20 leading developed and emerging who meet this week on September 24-25th, Pittsburgh - - the former steel capital of the US - - are expected to agree that banks should hold more capital to protect against future losses but a rift has developed between Europe and US on the issue. Meanwhile, the IMF said on Tuesday that banking crises usually leave “long-lasting scars” and affected countries endure steep drops in output, that do not rebound for at least seven years.