IMF sticks with $1 trillion write-down estimate

The International Monetary Fund (IMF) said on Monday it was standing by its estimate that subprime write-downs would end up totalling something close to $1 trillion despite research by the Bank of England suggesting that losses would be a lot lower.

In a press conference to mark the release of its Global Financial Stability Report Update, Jaime Caruana, the director of the Fund's monetary and capital markets department, said that the IMF believed the prediction, made in April, was still accur

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