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Losses from credit crunch could top 945 BILLION DOLLARS Say International Monetary Fund

Posted by Job on April 8, 2008

Please note comments below which state that this same problem is happening globally.

CORRECT: Losses from credit crunch could top $945 bln: IMF – MarketWatch

WASHINGTON (MarketWatch) — The total potential losses globally from the credit crunch could top $945 billion, the International Monetary Fund estimated on Tuesday. Losses tied to the housing market could top $565 billion, with the remainders coming from credit cards, commercial real estate and corporations, the IMF said. The current market turmoil reflects weak balance sheets and a general lack of capital. As a result, the effects are likely to be “broader, deeper, and more protracted.” The U.S. remains “the epicenter” of the crisis, but financial institutions in other countries have been impacted. Some emerging markets remain vulnerable, although so far most have been resilient, the IMF said, in a new report on global financial stability. (Corrected to show losses will be borne globally, not just in U.S.)

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One Response to “Losses from credit crunch could top 945 BILLION DOLLARS Say International Monetary Fund”

  1. Kyle said

    I too heard about this. 1 Trillion dollars is a lot to write down. Governments would need to acquire the revenue lost by these corporate write downs by either raising taxes OR like they did with Bear Sterns bailing out the bank for pennies on the dollar with newly created fiat money directly from the Fed adding to more price inflation. The sad thing is that these article keep coming back to back. All of them requiring more money to off set the losses.

    Kyle

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