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Citigroup to buy US bank Wachovia
wachovia is just the latest bank that has needed to be rescued as a result of high levels of bad mortgage debt and the wider turmoil in the global financial section for .
under the deal, citigroup will absorb up to $42bn (Â23bn) of wachovia losses .
mortgage debt citigroup is taking on $312bn of wachovia loans .
wachovia, the fourth-largest us bank, is being bought by larger rival citigroup in a rescue deal backed by us authorities .