IMF sees rebound easing losses
By Martin Crutsinger |
April 21, 2010, Wednesday
|
Print Edition
Print Edition
THE world's banks could be spared billions in losses thanks to a global economy that is recovering from the financial meltdown more quickly than initially expected.
The International Monetary Fund is forecasting that global bank losses from the financial crisis will total US$2.28 trillion, a drop of US$533 billion from an estimate made in October.
The IMF yesterday said its forecast for losses just for United States banks had dropped to US$885 billion, down from an estimate of US$1.03 trillion made in October.
The IMF attributes the improvements in part to a faster-than-expected rebound in the global economy. But the IMF warns that risks still remain, especially in the area of government debt. A debt crisis in Greece is still roiling markets and raising concerns about huge debt burdens in other countries, including the US.
"Risks to global financial stability have eased as the economic recovery has gained steam," the IMF said in a new report.
The document is being issued in advance of the spring meetings of the IMF and World Bank and finance officials from the Group of 20 major industrial and developing nations.
The meetings, which will begin tomorrow, are taking place against a backdrop that has significantly improved from a year ago when the world was still in the grips of the worst financial recession since the 1930s.
The International Monetary Fund is forecasting that global bank losses from the financial crisis will total US$2.28 trillion, a drop of US$533 billion from an estimate made in October.
The IMF yesterday said its forecast for losses just for United States banks had dropped to US$885 billion, down from an estimate of US$1.03 trillion made in October.
The IMF attributes the improvements in part to a faster-than-expected rebound in the global economy. But the IMF warns that risks still remain, especially in the area of government debt. A debt crisis in Greece is still roiling markets and raising concerns about huge debt burdens in other countries, including the US.
"Risks to global financial stability have eased as the economic recovery has gained steam," the IMF said in a new report.
The document is being issued in advance of the spring meetings of the IMF and World Bank and finance officials from the Group of 20 major industrial and developing nations.
The meetings, which will begin tomorrow, are taking place against a backdrop that has significantly improved from a year ago when the world was still in the grips of the worst financial recession since the 1930s.
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