Spanish Prime Minister Mariano Rajoy called for a European rescue fund
to be granted a banking license to help purchase sovereign bonds, in a
letter to European Council President Herman Van Rompuy released
Friday.
Mr. Rajoy indicated that with such a license the European Stability
Mechanism would be able to help bring down the heavy borrowing costs
afflicting some European governments, including Spain.
In the letter, Mr. Rajoy also expressed support for a European banking
union that would centralize supervision of the area's banks.
Write to Ilan Brat at ilan.brat@wsj.com
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(END) Dow Jones Newswires
August 03, 2012 12:55 ET (16:55 GMT)
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