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In the three weeks since the first paper, the situation has deteriorated. As of October 20, total losses for the year at banks and insurance companies have risen to $661 billion on a global level: about $408 billion in the Americas, $228 billion in Europe, and S25 billion in Asia. Taking into account the mark-to-market losses on related securities with the losses on U.S. consumer and corporate loans, the IMF now estimates crisis-related losses of nearly Sl.5 trillion on the worldwide holdings of U.S. assets alone. So the first estimate of loan losses in the range of $1.5 trillion globally looks conservative now.
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