Tuesday September 22, 2020

EU eases Spanish debt rules, Merkel retreats

UPDATE: European Union President Herman Van Rompuy has called an accord reached overnight a "breakthrough".

29th June, 2012
Mario Monti, Italy's prime minister, center, Enda Kenny, Ireland's prime minister, left, and Jean-Claude Juncker, Luxembourg's prime minister.

Euro-zone leaders agreed to ease repayment rules for emergency loans to Spanish banks and relax conditions on potential help for Italy as an outflanked German Chancellor Angela Merkel gave in on expanded steps to stem the debt crisis.

After 13 hours of talks ending at 4.30 a.m. in Brussels today, leaders of the 17 euro countries dropped the requirement that governments get preferred creditor status on crisis loans to Spain’s blighted banks, European Union President...

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