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You're reading: IMF backs Draghi, says Spain and Italy have done enough
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IMF Managing Director Christine Lagarde also said large, debt-strapped euro zone countries Spain and Italy had taken enough action to repair their finances to merit aid from the rest of the European currency union.

But, amid pressure on Madrid to request a full European bailout, Lagarde left open the scale of the IMF’s possible involvement in ECB head Mario Draghi’s plan, which was approved by the central bank’s policy making council on Thursday.

Under the Draghi plan, the ECB would stand ready to buy any amounts of sovereign debt with a term of up to three years, thereby ensuring a government’s access to funding, in return for a bailout deal with tight strings attached.

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