IMF: Credit Crisis Could Cost $945 billion
A key quote from the IMF release on this report:
"Financial markets remain under considerable stress because of a combination of three factors," said Jaime Caruana, head of the IMF's Monetary and Capital Markets Department. "First, the balance sheets of financial institutions have weakened; second, the deleveraging process continues and asset prices continue to fall; and, finally, the macroeconomic environment is more challenging because of the weakening global growth," he added.
If you want to read the full report, by the way, make sure you have broadband. The PDF file clocks in at 211 pages.