"The International Monetary Fund (IMF) Tuesday raised its estimate of losses from the global financial and economic crisis to more than $4 trillion due to writedowns on soured credit. The IMF said the total estimated cost of $4.054 trillion includes $2.712 trillion in losses in US-originated assets. Losses on European-originated assets were estimated at $1.193 trillion and those of Japanese-originated assets at $149 billion...." [Agence France Presse/Factiva]

Deutsche Welle adds that "...the IMF said that the current inability of banks to attract private money means that the crisis has deepened, and that governments may need to take bolder steps, including taking a major share or control of institutions.... Banks have only reported about one-third of the losses it has forecast, prompting the global lender to warn that many governments may need to nationalize more financial institutions...." [Deutsche Welle (Germany)/Factiva]

FT reports that "...Jose Vinals, director of the IMF's monetary and capital markets department, said while there were signs that market confidence could be returning, firm government action was needed to 'preserve and strengthen these first signs of improvement.'..." [The Financial Times (UK)/Factiva]