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IMF Sees Global Subprime Losses Increasing To $1.4 Tril.

“The International Monetary Fund said Tuesday it now expects financial institutions around the globe to incur combined losses of $1.4 trillion from the financial market crisis spawned by the US subprime mortgage meltdown, and that $675 billion will be needed to shore up their battered capital bases.

In its twice-yearly Global Financial Stability Report, the IMF said the ballpark figure is up sharply from the $945 billion estimate provided half a year ago. … The report, released ahead of Friday's meeting of Group of Seven finance ministers and central bank governors in Washington, also offered an estimate that some $675 billion in capital would be needed by the major global banks over the next several years. …” [Kyodo News (Japan)/Factiva]

AFP reports that “… Dominique Strauss-Kahn, the head of the 185-nation institution, called for urgent action to confront the worst financial crisis since the 1930s Great Depression and a crisis of confidence so deep that banks are afraid to lend to each other. ‘The time for piecemeal solutions is over. I therefore call on policymakers to urgently address the crisis at a national level with comprehensive measures to restore confidence in the financial sector,’ the IMF managing director said in a statement. ‘National governments must closely coordinate these efforts to bring about a return to stability in the international financial system,’ he added. …” [Agence France Presse/Factiva]

WSJ writes that “… Emerging markets, which have so far proven resilient to the crisis, are now feeling the heat, as well. Some developing countries ‘face challenges as global growth slows and the lagged pass-through of domestic inflationary pressures continues -- and all this against the backdrop of lower confidence and the reversal of earlier flows into these markets,’ the report said. …” [The Wall Street Journal/Factiva]

The Independent notes that “… The scale of losses the IMF is now predicting from the credit crunch will shock many analysts given how dramatically it has risen since the body made its last forecast in April.” [The Independent (UK)/Factiva]

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