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IMF warning: Many European banks on shaky ground

The IMF singled out European banks as it insisted Wednesday that more needs to be done to shore up the global financial system, saying Europe's weak banks are "caught in a maelstrom" and must beef up their financial buffers.

 

The International Monetary Fund said the weaker tier of Europe's banks are facing pressure on multiple fronts, from thin capital reserves which help absorb losses in sudden downturns and shaky investments still held on their balance sheets to unstable sources of financing. (AP)