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Global losses from crisis to reach $1.4 trillion: Goldman

NEW YORK
Mon Nov 10, 2008 1:11pm EST
An investor points at an electronic board showing stock information at a brokerage house in the financial district of Beijing November 10, 2008. REUTERS/David Gray

NEW YORK (Reuters) - Worldwide losses from the credit crisis will total $1.4 trillion, of which only $800 billion have been realized so far, Goldman Sachs U.S. chief economist Jan Hatzis said on Monday.

This means further pain ahead for both the banking sector and the economy as a whole, Hatzius said, adding that further fiscal stimulus will be needed to prevent an even deeper downturn.

"This calls for a large amount of economic stimulus," Hatzius told a financial industry conference.

(Reporting by Pedro Nicolaci da Costa)


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