IMF: Governments still unprepared for major bank failure

01/23/2014 | Reuters

Large banks remain a threat to the global financial system because of a perception that no matter what they do, governments will step in when they get into trouble, an International Monetary Fund official says. "It is astonishing that officials in countries are still largely ill-equipped to deal with a Lehman Brothers-style bankruptcy, where assets and liabilities are scattered across multiple jurisdictions and entities," according to a blog post from Jose Viñals, who heads financial oversight.

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