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Article: Denial, coverup, and the blaming of others: Germany's performance after the subprime collapse.
- Article from:
- The International Economy
- Article date:
- June 22, 2008
- Author:
CopyrightCOPYRIGHT 2008 International Economy Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For some it may be an eye-opener: European banks have now suffered more losses because of the credit crunch than their U.S. rivals--even though the turmoil was first triggered by problems in the U.S. subprime mortgage market--but raised less capital.
These are the findings of a survey that the Institute of International Finance, the Washington-based association of leading financial institutions, recently published in their "Capital Markets Monitor." Of the $387 billion in credit losses that global banks have reported since the start of 2007, close to $200 billion were suffered by European banking groups and $165.7 billion by U.S. financial institutions. Credit ...