One more summit: The crisis rolls on | vox - 0 views
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Reading the official documents from the June 28 summit requires linguistic and divination skills.
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The clearest result is that EFSF/ESM funds can be used directly to support banks.
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The summit attendees seem to have successfully drawn the conclusion that this was necessary from the disastrous impact of their mid-June decision on new lending to Spanish authorities to shore up their banks. Within hours, the main conclusion drawn by the markets was that the Spanish public debt had grown by €100 billion, bringing Spain closer to the fate of Ireland (bad bank debt dragging down a government with an otherwise healthy fiscal position).
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