SINGAPORE: Losses from US subprime mortgage foreclosures, coupled with slowing economic growth and falling house prices, could reach as much as US$300bil, the Organisation for Economic Cooperation and Development (OECD) said.
Global stock markets have lost US$2.9 trillion since Oct 31 and the collapse of the subprime market in the United States has triggered about US$50bil in writedowns among the world's largest banks.
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