Although financial conditions have recovered noticeably since spring, the International Monetary Fund warns that there’s still a considerable risk of another downward spiral in global recession . The IMF estimates banking losses will amount to $2,800 billion, of which banks have so far recognized only $1,300 billion. Those additional deficits are expected to reduce new credit availability and decelerate the current economic recovery. “Considering its dependence on the banking channel and the substantial financing need of its residents, it’s the United Kingdom that appears most vulnerable to such credit limits”, the IMF added.
Bart Sleegers
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Although financial conditions have recovered noticeably since spring, the International Monetary Fund warns that there’s still a considerable risk of another downward spiral in global recession . The IMF estimates banking losses will amount to $2,800 billion, of which banks have so far recognized only $1,300 billion. Those additional deficits are expected to reduce new credit availability and decelerate the current economic recovery. “Considering its dependence on the banking channel and the substantial financing need of its residents, it’s the United Kingdom that appears most vulnerable to such credit limits”, the IMF added.
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