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Obama foresees more bank collapses

Obama foresees more bank collapses

03 February 2009 10:29 (UTC +04:00)

Baku-APA. US President Barack Obama says more American banks will collapse as a result of the global financial crisis.
The US Government is considering offering troubled banks further financial assistance to ensure they stay afloat.
It is also looking at setting up a so-called "bad bank" to absorb all mortgage-related debts.
Mr Obama says it is likely American banks have not fully acknowledged the full extent of their losses.
"They’re going to have to write down those losses, and some banks won’t make it," he said.
The financial crisis has already claimed big investment banks as well as number of smaller retail banks.

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