Total credit losses of the financial sectors are almost $1T

According to FT.com, Total credit losses of the financial sectors are approaching $1 trillion due to drop value in mortgage backed and other debts securities. Since the beginning of 2007, AIG, the insurer that has twice been bailed out by the US government, has lifted total losses of $914 billion.

IMF raised its estimate of the likely total losses in the financial sector to $1,400bn, from $945bn in April. Last week, analysts at Morgan Stanley estimated that European financial institutions would need an additional €83bn ($104bn) of capital if the current economic downturn proved as severe as the early 1990s.

Image courtesy of FT.com
Sources :

FT.com: Financial groups’ losses near $1,000bn, November 12 2008 23:31

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