IMF's Strauss-Kahn estimates global subprime losses at $1.3 tril.+
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[September 24, 2008]

IMF's Strauss-Kahn estimates global subprime losses at $1.3 tril.+

(Japan Economic Newswire Via Acquire Media NewsEdge) WASHINGTON, Sept. 24_(Kyodo) _ Financial institutions worldwide may be swamped by subprime turmoil-related losses worth a total of $1.3 trillion (138 trillion yen), International Monetary Fund Managing Director Dominique Strauss-Kahn said Wednesday.



Strauss-Kahn, at a lecture in Washington, said that it is one of the IMF's duties to alert the global financial community to the risks it is facing.

He thus suggested the IMF will call on the world's major economic powers to speed up the process of drawing up measures to assuage the crisis at an upcoming string of international policy-coordination forums, including a meeting in October of the finance ministers and central bankers of the Group of Seven nations.



His warning came only a few weeks after John Lipsky, IMF's first deputy managing director, came up with a somewhat milder projection on the financial community's subprime-related losses at $1.1 trillion, against an earlier IMF estimate of $94.5 billion.

The collapse of major U.S. investment bank Lehman Brothers Holdings Inc. and subsequent developments in the global financial community threaten to increase the magnitude of the financial crisis and its losses.

Combined losses at financial institutions worldwide would balloon further, if the crisis were aggravated further, analysts said.

Copyright ? 2008 Kyodo News International, Inc.

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