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The Boston Globe

Business

EU says Spain aid measure will be OK’d by year’s end

BRUSSELS — European Union leaders said early Friday that legislation enabling rescue aid to be channeled directly to Spanish banks should be agreed by the end of the year, but they left open critical decisions on how soon it could go into effect.

By leaving the start date vague, Germany could shape the legislation over the next three months to delay any use of a new bailout fund to directly recapitalize Spanish lenders until after national elections in September 2013.

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