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US' Paulson sees market progress, no bailout needed

WASHINGTON, Feb 19 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Tuesday that credit markets were making progress in working through turmoil and a wider government bailout was “absolutely not” needed.

In an interview with CNBC Television, Paulson said credit issues that began in the subprime mortgage market became more of a liquidity problem due to the complexity of asset-backed securities.

“We’ve seen it evolve, but again, I look at (it) and I think we’re making progress as we work through this,” Paulson said. (Reporting by David Lawder)

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