IMF ups crisis loss estimate to $1.3 trillion
John Lipsky, the first deputy managing director of the Fund, said Wednesday: "In both the US and Europe, banks have raised substantial amounts of capital while writing down about $520 billion, compared to loss estimates of between $640 to $735 billion for banks and about $1.3 trillion for the entire global financial system."
Lipsky added that the finance sector's woe was
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