Pension funds across Europe, Asia and North America stand to lose hundreds of billions of dollars from investment in so-called "toxic" assets.
Concern is also growing that clients of European private banks have also been left holding tainted mortgage-backed assets, potentially triggering a wave of litigation.
The International Monetary Fund has estimated that worldwide losses from structured products such as collateralised debt and loan obligations, asset-backed securities, commercial paper-backed securities and structured investment vehicles will hit $945bn (£546bn, €705bn), with some private estimates far higher still.
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Wednesday 22 October 2008
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