Telegraph: IMF tells Europe to come clean on bank losses - by Ambrose Evans-Pritchard

For the complete report from the Telegraph click on this link

IMF tells Europe to come clean on bank losses - by Ambrose Evans-Pritchard

"To restore confidence, you need total disclosure of possible losses," said Dominique Strauss-Kahn, the IMF's managing director. "Not only losses which are linked to the original sub-prime crisis, but also the losses linked to the slowdown in the economy, and impaired assets. There are lots of things that still have to be disclosed," he said, adding that credit mechanism remained jammed. The latest IMF report said the chance to raise fresh bank equity while optimism lasts should be "seized without delay" and demanded a "comprehensive review to assess capital needs and viability."

Note EU-Digest: As one reads this article it is interesting to see how the Telegraph (a mouthpiece of the UK's Conservative party) in their comments on the IMF statement bad-mouthes the EU, the Germany and the euro, creating a perception that nothing is working in the EU. One has to recognize this is not objective reporting, just EU bashing.