"Our banks will in the coming five years be forced to undergo significant financial, cultural and managerial reconstruction, " he said.

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He will talk about the need, at this summit, for nation's around the world, including some in Europe - again, it's just an EU summit - to make good on pledges they have made in the past to send financial aide to Iraq to help pay for reconstruction.

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St Mirren manager MacPherson is in favour of more teams being admitted but believes league reconstruction is some way off, because of the financial implications for clubs in an expanded league.

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The study - by the investigative arm of Congress - is intended to help understand the pattern of financial loss in New York so as to try to focus economic reconstruction efforts.

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Having said this, the Congress should expect to witness substantial enthusiasm on the part of the Bush Administration and other G-7 leaders to off-load this emerging financial nightmare from bilateral arrangements onto the shoulders of multilateral financial institutions such as the IMF, the World Bank, the European Bank for Reconstruction and Development (EBRD), the BIS and even the Asian Development Bank.

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Horst Kohler, the president of European Bank for Reconstruction and Development, has emerged as the new European candidate to run the world's most important financial institution.

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