Financial Times
September 10, 2011
Christine Lagarde has softened her stance on the amount of capital needed by European banks, as finance ministers and central bankers from the leading advanced economies sought to calm febrile markets at the weekend.
Ms Lagarde, IMF managing director, confirmed that the Fund was revising its estimates of the loss of tangible equity in European banks on Saturday, saying the estimated capital losses of €200bn were “tentative” and the Fund was “in discussions with our European partners to assess the global methodology” until the final estimates are published in a Fund paper released shortly before its annual meetings in a fortnight.
A senior US official said the IMF had moved towards the European position.
But while the IMF and Europe resolved some of their differences, G7 ministers faced with diverse reasons for stalled growth agreed to implement different strategies in each country rather than a co-ordinated plan of action.
In an agreed text, issued for fear that they would appear complacent if nothing was said, the Group of Seven signed up to statements they had issued many times before.
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