Wednesday, November 25, 2009

According to IMF 50% of bank losses likely to still be hidden

“There are still some important losses that have not been unveiled. It’s possible that 50 percent (of bank losses) are still hidden in their balance sheets. The proportion is greater in Europe than in the United States.”

-Dominique Strauss-Kahn, International Monetary Fund’s chief

 “In an interview with French newspaper Le Figaro, Strauss-Kahn also said the IMF thought the euro currency was probably a bit too strong.

“There are still some important losses that have not been unveiled,” Strauss-Kahn was quoted as saying in response to a question on banks, according to excerpts of the interview that were sent to media ahead of publication on Wednesday.”

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Source:
Half of banks’ losses may be unknown: IMF chief
Estelle Shirbon
Reuters, Nov 24, 2009 3:01pm EST
http://www.reuters.com/article/ousivMolt/idUSTRE5AN4QD20091124

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