“MILAN/MADRID (Reuters) – The International Monetary Fundcalled on the eve of a European Union summit for both Spain and Italy to seek euro zone assistance to draw a line under the bloc’s debt crisis, but Rome has rebuffed the idea and Madrid seems likely to apply alone.
The two-day Brussels summit will debate steps towards a single banking supervisor and proposals for closer euro zone integration, including German Finance Minister Wolfgang Schaeuble’s idea of a super-commissioner with veto powers over national budgets.
No decisions are expected this week and there is no certainty as to when Spain will come off the fence.
Spain dodged a bullet on Tuesday when Moody’s maintained its credit rating at investment grade, with a negative outlook, on the assumption that Madrid will trigger European Central Bankintervention soon to lower its borrowing costs.”
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