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UK Telegraph's economics correspondent Ambrose Evans-Pritchard:
"Global banks have so far written down half the $2,200bn losses
estimated by the IMF. On top of this, EU banks have $1,600bn
of exposure to Eastern Europe -- increasingly viewed
as Europe’s subprime debacle, and EU corporate debts are 95pc of GDP compared to 50pc in the US, a mounting concern as default rates surge.