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The Boston Globe

Business

To protect economy, bank rules phase in

NEW YORK — Regulators and central bankers on Sunday gave banks around the world more time to meet new rules aimed at preventing financial crises, saying they wanted to avoid the possibility of damaging the economic recovery.

The rules are meant to ensure banks have enough liquid assets to survive the kind of market chaos that followed the collapse of Lehman Bros. in 2008. Meeting in Basel, Switzerland, the committee, made up of bank regulators from 26 countries, also loosened the definition of liquid assets.

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