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Merkel to support Spanish bailout, 'no concrete plans' for EU rescue fund

By FXstreet.com,  June 20, 2012, 01:44:00 PM EDT

FXstreet.com (Córdoba) - Following the conclusion of the G20 meeting, German Chancellor Angela Merkel said she will support the Spanish government bailout formal request that will take place on Thursday. She insisted that all euro zone members must do their homework and meet their targets.

Regarding the possibility of using EFSF/ESM to purchase sovereign bonds of distressed members, German Chancellor Angela Merkel said there were no concrete plans. While it is "one of the options" of the bailout funds, "there are no concrete plans" to do so, Merkel told reporters.

Meanwhile, Mariano Rajoy said that no one has pushed Spain to take the bailout. Spanish Prime Minister prepares to seek formal request for "financial aid" on Thursday, after two independent audits have issued their report with the final figures needed to recapitalize Spain's banking system.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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