Each time the IMF comes up with an assessment of the global economy, it increases the likely losses from the global financial crisis. This flies in the face of the ‘green shoots’ argument being made by top US politicians such as President Obama and Fed chief Bernanke. Given how top US banks are using creative accounting to make their balance sheets look good, it is quite likely the IMF is correct in its observation. This should be a lesson to our policy makers to not make light of the global problem.
Sudhir Dave, Mumbai
Readers should write to:
The Editor, Business Standard,
Nehru House,
4, Bahadur Shah Zafar Marg, New Delhi 110 002,
Fax: (011) 23720201;
letters@bsmail.in
