IMF: $875 billion Needed to Bring Back the Banks
The banks from the United States and Europe would need $875 billion (675 billion euro) by the end of the year to return at a level similar to that in the years before the financial crisis. Double that amount would be needed to match the performance obtained in the mid ’90s, according to the International Monetary Fund (IMF).
IMF estimated that financial sectors in the U.S., Europe and Japan faced with the loss of nearly 4 trillion dollars (3.1 trillion euro) in the period 2007-2010, according to the Wall Street Journal.
In total, banks have accumulated losses of 2.5 trillion dollars (1.9 trillion euro), insurance companies’ losses of 300 billion dollars (230 billion), while other financial institutions crisis had cost about 1.3 trillion dollars (1 trillion euro).