Much has been said about the emergence of distressed funds taking advantage of buying opportunities in the European market. However, market analysts said that prices must go wider before distressed buying really takes off.

Worldwide subprime losses have now grown to a cumulative $342.9 billion, of which Ä155.5 billion ($224.5 billion) is attributed to Europe. UBS tops the list with a Ä29.9 billion loss.

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