US subprime crisis costs global 7.7 trillion dollars

February 15, 2008
US subprime crisis costs global 7.7 trillion dollars

NEW YORK (AFP) — The meltdown in the US subprime real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October, a report by Bank of America showed Thursday.

The crisis, which has spread beyond US shores to banks and other sectors worldwide, is "one of the most vicious in financial history," according to Bank of America chief market strategist Joseph Quinlan.