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Brussels blog by some wire service journalists

EU urges bailout changes as stocks, euro tumble

By GABRIELE STEINHAUSER

BRUSSELS — Mounting worries that Italy and Spain won’t be able to repay their debts pummeled stocks and the euro Thursday and piled pressure on the 17-country eurozone to overhaul its crisis strategy.

And despite indications that the European Central Bank has restarted its bond buying program after a four-month hiatus in an attempt to calm markets, the financial pressures on Italy and Spain remained acute.

European Commission President Jose Manuel Barroso admitted as much, urging eurozone leaders to make further changes to their bailout fund – including boosting its size – to ensure it can effectively stem the debt crisis that has rocked the currency union for 21 months.

READ FULL STORY HERE.

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