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Sunday 1 February 2009
Want to know how to assess what the international recession holds for us?
Just follow the fate of banks in the various countries:
“All but lost in the International Monetary Fund's bleak world economic update this week was its perhaps even more troubling update on the world's banking morass. The IMF now foresees that global writedowns of toxic U.S.-originated credit assets could reach $2.2-trillion (U.S.) - almost 60 per cent more than the $1.4-trillion it predicted just three months ago.
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