Lots of big, depressing, IMF-related news this morning:
- The IMF released its biannual Global Financial Stability Report. The big news: the global economy may need $4.1 trillion in write-downs on around $58 trillion in assets before the crisis is over. It estimates that the United States leads the world in ripping the bandaid off -- completing about half of necessary write-downs; European countries are lagging. Banks will take the brunt of that cost, around two-thirds. The report included European- and Japanese-originated assets for the first time.
- U.S. President Barack Obama sent a message to members of Congress, asking for them to approve a $100 billion loan to the IMF. The loan is part of, not in addition to, the money the United States promised the organization at the G-20 summit.
- Colombia became the third country to come forward and seek a $10 billion "flexible credit line" loan from the IMF, designed to insure the country's ability to meet its spending requirements.
- Look for the first two chapters of the IMF's World Economic Outlook to be released within the next hour or so. We'll have an analysis up as soon as possible afterwards.