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May 13, 2009 7:15 pm

Writedowns past and present

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How severe is the state of Europe’s banks? The answer depends on the losses the banks have yet to recognise in their accounts and the amount of profit they can generate in coming years to absorb those losses. In the absence of other data, the most credible estimate of future losses so far has come from the IMF, which set out detailed forecasts in its global financial stability report, published last month.

Read FT analysis: A stress unconfessed

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