A healthier world economy and better financial conditions have reduced banks' need to write down assets but sovereign debt problems may be spreading, according to the International Monetary Fund.
In its twice-yearly global financial stability report released yesterday, the fund reduced its estimate of the writedowns required of banks around the world to $2,300bn (€1,700bn, £1,500bn) from its calculation of $2,800bn made six months ago. A recovery in the financial markets had increased the value of their assets and made it easier to raise capital, the fund said.
But the fund said credit recovery would be “slow, shallow and uneven” and sovereign debt problems in countries such as Greece had the potential to undermine the revival.
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