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Merkel says EU ready to act as Spain downgraded

06-07-2012 • By Carlos Ruano and Andreas Rinke

Chancellor Angela Merkel said Europe was ready to act to ensure stability in the euro zone as Spain's credit rating was cut by three notches on Thursday amid expectations it may soon seek EU help for banks beset by bad debts.

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Merkel says EU ready to act as Spain downgraded

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