1. “Deleveraging, in this context, covers a range of strategies. On the liabilities side of bank balance sheets, these strategies entail raising fresh capital, as well as ensuring diversified, longer-maturity, and durable sources of funding. On the assets side, the strategies are to avoid concentrated exposures to illiquid or risky assets, dispose of noncore assets, and adopt hedging strategies that accurately mirror exposures.” IMF Global Financial Stability Report, “Financial Stress and Deleveraging, Macrofinancial Implications and Policy” (October 2008), 19. For the role of deleveraging in the second phase of the global crisis seeidem, 19–31.