German watchdog eyes $600 bln global bank losses: report

Posted by Kendall Harmon

The financial market crisis could cause losses of up to $600 billion at banks and other financial institutions worldwide, a German magazine reported on Saturday, citing an internal report by German financial watchdog BaFin.

The $600 billion figure represents a worst-case scenario for losses linked to the financial turmoil sparked by the meltdown in the U.S. subprime mortgage market, Der Spiegel magazine said in a story released in advance of publication on Monday.

"Based on current knowledge and the market situation, we believe $430 billion is more likely," the magazine quoted what it said was a 16-page report by BaFin as saying.

Read it all.



Filed under: * Economics, PoliticsEconomyHousing/Real Estate MarketStock Market* International News & CommentaryEurope

2 Comments
Posted March 30, 2008 at 5:43 pm [Printer Friendly] [Print w/ comments]



1. John Wilkins wrote:

I wonder who pays for it?

March 31, 2:06 am | [comment link]
2. Cennydd wrote:

I don’t know, but I sure hope the people responsible for this mess…..the lenders…...go to prison for many long years because of what they’ve done!  They deserve it!

March 31, 10:48 am | [comment link]
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