The Associated Press

Paulson says global markets remain strained

WASHINGTON — U.S. Treasury Secretary Henry Paulson said Wednesday that the Bush administration is moving quickly to implement the US$700-billion rescue program for the financial industry.

But he predicted some banks will fail, even with the largest bailout in history, and he called for patience saying ‘‘the turmoil will not end quickly and significant challenges remain ahead.’’

‘‘U.S. and global financial markets continue to be severely strained,’’ Paulson said.

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