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News Link • Economy - International

Spain, Portugal demand quick action on bank union

• AP

The leaders of Spain and Portugal on Monday demanded that the 17-nation eurozone speed up efforts to create a banking union and complained that credit is frozen in their countries, preventing economic growth and crucial job creation.

Many banks are lending at relatively high rates because they are worried about the weak economy. Those higher borrowing rates are making it difficult for households and companies to spend and invest.


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