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Italy, Spain Will Avoid Bailout, Says Rehn

September 2011 - EU & Competition. Legal Developments by Hassans.

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EU Economic Affairs Commissioner Olli Rehn has sought to assuage concerns that Spain and Italy will require an EU-funded bailout, stating that the countries' economic fundamentals are secure.

Rehn said that the market unrest witnessed in previous days, which has seen the cost that Spain and Italy must pay to finance its debt significantly increase, was unjustified in respect of both countries, noting that both nations are actively addressing their fiscal deficits with ambitious consolidation plans.

Rehn said that both countries would need to work to address investors' concerns with continuing bold reforms and tying up loose ends to restore confidence.

European Finance Ministers are looking to approve expansion of the European Financial Stability Fund, the EU bailout fund, by almost double to as much as EUR1 trillion to provide the assured financial fallback needed to create greater stability in the Eurozone.

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