The IShares MSCI Europe Financials Sector Index Fund has been sliding after European banks were asked by the International Monetary Fund (IMF) to boost capital privately, ETF Trends reports. The European financial sector exchange-traded fund was down about 3 percent on Wednesday. The IMF has warned that euro zone banks face $409 billion in potential losses related to the debt crisis and urged banks to raise their capital buffers. It expects weaker credit conditions to pare growth in the euro zone by 3.5 percent and by 2.2 percent in the U.S., which would push the economies into another recession.

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