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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

GIC’s UBS losses could amount to 3.9pct of GDP

Posted on 24 February 2010

From Pressrun.net: Finance Minister Tharman Shanmugaratnam said in his Budget speech yesterday that Singapore’s “large” estimated basic deficit of 8.5 billion Singapore dollars (about $6 billion) for financial year 2009 amounted to 3.3 per cent of the gross domestic product.

The Government of Singapore Investment Corporation’s paper losses on the Swiss bank, UBS, could amount to more than that………………………………….Full Article: Source

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