IMF calls for quick valuation of credit-crunch losses

The International Monetary Fund called Thursday for a rapid assessment of the amount of losses involved by global banks in the US housing crisis to help end the credit squeeze.
The IMF welcomed Wednesday's massive co-ordinated action by five central banks to pump liquidity into the global banking system because it gave "an important signal to markets that these banks are working together to address the international nature of the problem," IMF spokesman Masood Ahmed said.
Ahmed told reporters that the IMF had been saving for some time that the provision of liquidity to ensure the smooth functioning of financial markets is a "high priority."
"With continuing concerns about the extent of credit deterioration, central bank liquidity operations are only one part of addressing the ongoing problems in financial markets," he said.