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Rajoy (l) and Monti at the EU meeting in Brussels on Thursday (Photo: consilium.europa.eu)

Italy and Spain get 'breakthrough' deal on bailout funds

Eurozone leaders in the early hours of Friday morning (29 June) agreed to allow bailout funds to recapitalise banks directly and to buy bonds for "well-behaving" countries - states which are pursuing reforms but suffering from market pressure.

The deal is designed to help Spain and Italy to lower their borrowing costs, but might take several months to implement.

"We agreed on something new, which is a breakthrough, that banks can be directly recapitalised in certain circumstances....

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Rajoy (l) and Monti at the EU meeting in Brussels on Thursday (Photo: consilium.europa.eu)

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