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IMF offers new support to ease euro debt crisis
IMF official: could help eurozone bailout fund in supporting bond markets of Italy, Spain
By The Associated Press

BRUSSELS (AP) ' A senior official from the International Monetary Fund says the IMF could help the eurozone's bailout fund to support pressurized bond markets in Italy and Spain.

The head of the IMF's Europe program Antonio Borges said the fund could "invest alongside" the European Financial Stability Facility when it buys bonds from Italy and Spain, two large economies that have seen their funding costs spike.

Borges also said the IMF could give the two countries precautionary credit lines.



He said "we have a whole set of options that could be put on the table to restore confidence in those countries."

The statement comes amid a severe worsening of the eurozone's debt crisis and a day after Moody's ratings agency downgraded Italy's creditworthiness.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BRUSSELS (AP) ' A senior official from the International Monetary Fund says the IMF could help the eurozone's bailout fund to support pressurized bond markets in Italy and Spain.

The head of the IMF's Europe program Antonio Borges said the fund could "invest alongside" the European Financial Stability Facility when it buys bonds from Italy and Spain, two large economies that have seen their funding costs spike.

Borges also said the IMF could give the two countries precautionary credit lines.

He said "we have a whole set of options that could be put on the table to restore confidence in those countries."

The statement comes amid a severe worsening of the eurozone's debt crisis and a day after Moody's ratings agency downgraded Italy's creditworthiness.


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