The international organization said in its global financial stability report Tuesday that financial institutions would have to write down about $2.7 trillion in loans and securities originating in the United States from 2007 to 2010, The New York Times reported. That's up from $2.2 trillion in January and $1.4 trillion last October, the newspaper said.
The financial crisis "is likely to be deep and long-lasting," the report said.
The fund said global financial stability has gotten worse since its October report, especially in emerging markets. It also said while there has been "some improvements in short-term liquidity conditions and the opening of some term funding markets, other measures of instability have deteriorated to record or near-record levels."
Copyright 2009 by United Press International.
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