IMF Says Nearly $4 trillion of Bank Debt Will Need to be Rolled Over in the Next 24 Months

More taxpayer money needed to prop up banks …

More taxpayer support is needed to ensure global financial stability despite the billions already pledged, the International Monetary Fund has warned, as banks remain the “achilles heel” of the economic recovery. [...]

Lenders across Europe and the US are facing a $4 trillion refinancing hurdle in the coming 24 months and many still need to recapitalise, the Washington-based organisation said in its Global Financial Stability Report. Governments will have to inject fresh equity into banks – particularly in Spain, Germany and the US – as well as prop up their funding structures by extending emergency support. [...]

Although banks have recognized all but $550bn of the $2.2 trillion of bad debts the IMF estimates needed to be written off between 2007 and 2010, they are still facing a looming funding shock that will need state support. “Nearly $4 trillion of bank debt will need to be rolled over in the next 24 months,” the report says. [...] (UK Telegraph)

I don’t know about you but I am pretty much up to my eyeballs in despise for banks and financial institutions. They created the mess in the first place, destroyed the economy, and those who struggle to get by are forced to keep rescuing them.