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IMF cuts estimate on bank losses

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IMF cuts estimate on bank losses

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The IMF has slashed its forecast for the amount of cash likely to be written off globally in bad loans and investments by 15 percent.

The amount it predicts banks to loose between 2007 and 2010 has been cut from 2.7 trillion euros to 2.3 trillion. The IMF amended its forecast because the world economy has been growing faster than expected.