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y Gonzalo Vina and Alison Fitzgerald
April 13 (Bloomberg) -- Finance chiefs from the U.S. and Europe said the eight-month credit squeeze is still festering and urged banks to take steps to relieve it.
``The chain of bad news may not have come to an end,'' Italian Finance Minister Tommaso Padoa-Schioppa said yesterday as the International Monetary Fund held its semi-annual meetings in Washington.
The collapse of the U.S. subprime-mortgage market led to a seizing up in capital markets and has triggered $245 billion in asset writedowns and losses since the start of 2007. Finance ministers and central bankers from the Group of Seven are trying to strengthen market regulation and want banks to speed disclosure of losses and improve the way they value assets.
``The market is still adjusting, the turmoil has not yet settled down,'' Federal Reserve Vice Chairman Donald Kohn told reporters in Washington. ``It's still a fragile situation out there.''