IMF: Worst yet to come

The International Monetary Fund (IMF) supports rescue plans but warns that the banks will have greater losses.

Tuesday, October 7, 2008


The IMF warned that losses related to loans in the US and financial assets linked to these could reach $1.4 trillion.
In a report published on Tuesday, the IMF says that it will be necessary to invest more public resources in order to guarantee a return to financial stability.
The report says that the global financial system is going through an "unprecedented period of turbulence" and predicts that banks will have greater losses.

More on this topic

The Lehman effect on Honduras

September 2008

"The global financial crisis has cause the main investment bank in the US to go bankrupt and will produce an strong impact on the Honduras' weak economy.

"Economic growth will stop, limiting access to credit and as a result the upward trend of interest rates will continue," the ex-president of the Central Bank of Honduras, Maria Elena Mondragon, warned.

The Lehman effect on Guatemala

September 2008

Experts predict that the American financial crisis will be felt through fewer credit flows, foreign investment, exports and remittances.

The National financial system is not showing signs of infection. Jose Angel Lopez, president of the Banking Association of Guatemala (ABG), indicated that the banks have their investments in the Central Bank, in government bonds, credits and other assets, hence their exposure to the American banks is minimum.

Direct impact of US crisis in Guatemala ruled out

September 2008

Banking monetary and authorities in the country have ruled out a direct impact on Guatemala's economy.

Banking executives agree that the economic situation in the country is uncertain; nonetheless, they need to keep a close eye on what is happening in the American financial market.

The Lehman effect on Costa Rica

September 2008

Analysts and economic gurus are forecasting a dark future for the Costa Rican economy, after the failure of Lehman Brothers.

Things could get worse with the announce on Sunday of the sudden sale of Merrill Lynch, in which the Central Bank of Costa Rica probably has some assets, to Bank of America.

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