The Corner

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Via Open Europe:

Reuters reports that Finland and the Netherlands warned yesterday that they would block any moves to use the ESM, the eurozone’s permanent bailout fund, to purchase debt from struggling eurozone countries. However, Spanish Economy Minister Luis de Guindos warned that the two countries lack the majority to block such moves. Although decisions to purchase bonds under the ESM usually require unanimity, there is an ‘emergency procedure clause’ which allows for such decisions to be taken using a 85% majority, meaning the two countries could be outvoted.

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