Subprime writedowns could total $400 billion: G7

Central bankers and finance ministers from the group of seven most powerful economies now believe subprime-related writedowns could far exceed previous estimates, Peer Steinbruck, Germany's finance minister, revealed.

Speaking after the latest G7 meeting, held in Tokyo on Saturday, 9 February, Steinbruck said that the policymakers feared losses could now be as high as $400 billion.

A report by the Organization for Economic Co-operation and Development (OECD), published in November and conside

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