European banks still hold €988 billion euros in nonperforming loans: IMF

European banks still hold "a very high" €988 billion ($1.17 trillion) in nonperforming loans on their balance sheets, according to new estimates from the International Monetary Fund released Wednesday. Peter Dattels, deputy director of the IMF's monetary and capital markets department, said recent developments have been encouraging and the total of bad loans should decline to €900 billion by the end of the year. Italian banks should be able to sell €65 billion in nonperforming loans this year and sales by Spanish banks should account for an additional €30 billion reduction, he said. The......(read more)

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