Global Financial Stability Report: IMF says losses on US subprime assets/securities will total $1.45 trillion - more than 50% above April estimate; Financial firms face reducing assets, raising capital and implementing new business models
Oct 8th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Global Financial Stability Report:With financial markets worldwide facing growing turmoil, internationally coherent and decisive policy measures are required to restore confidence in the global financial system, the International Monetary Fund (IMF) says in a new report. The IMF estimates that the losses on US subprime assets and securities will ultimately total $1.45 trillion (€1.07trn; £828bn), more than 50% above its April 2008 estimate of $945bn, and it called for "a comprehensive set of measures that could arrest the currently destructive process".