A report in the FT suggests that only half the losses made by the banks have been revealed! This is astonishing.
They're telling us the crisis is all over, but there is still a very good chance that it's all going to go down hill again.
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From http://www.ft.com/cms/s/0/3d7b9bde-ad44-11de-9caf-00144feabdc0.html?nclick_check=1
IMF warns of further recession risks
By Chris Giles in Istanbul
Published: September 30 2009 07:49 | Last updated: September 30 2009 07:49
Banks round the world have still to reveal about half of their likely losses resulting from the financial and economic crisis, the International Monetary Fund said on Wednesday, warning that there was still a “significant” risk of another downward lurch in the global recession.
..., the IMF warned that much still needed to be done to secure a recovery and to ensure that renewed stresses in the financial system did not restart the vicious spiral of banking losses, rationed credit, deeper recession, increased defaults and further banking losses.
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