IMF: EU banks face massive deleveraging.

 The European banking system may have to deleverage by $4.5T by the end of 2013, the IMF has said, upping its "weak policies" asset sale scenario from $3.8T in a forecast in April. The result would knock four percentage points off GDP growth in the periphery next year. "Intensification of the crisis has manifested itself in capital outflows...at a pace typically associated with currency crises or sudden stops," the IMF said.