The International Monetary Fund said on Tuesday that the financial crisis “is likely to be deep and long lasting.” The fund raised its estimate of losses faced by banks and financial instutions worldwide to more than $4 trillion.
One of the big problems faced by the United States and other countries is just how to get rid of their so-called toxic assets. Germany faces a similar problem, and has considering an idea that would put all the troubled loans into a “bad bank.”
Peter Coy, the economics editor for BusinessWeek magazine, joins Martin Savidge to discuss plans in Britain and the U.S. to help troubled homeowners reduce their monthly payments, Germany’s approach to getting rid of toxic assets and China’s relative optimism about the future.
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