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ESM Bond Buying to Depend on ECB Backing, Rehn Tells Corriere

July 5 (Bloomberg) -- The European Central Bank will need to recommend that that the euro region’s rescue fund buys a country’s bonds before securities can be purchased, European Union Economic and Monetary Affairs Commissioner Olli Rehn told the newspaper Corriere della Sera.

Once a country requests that the fund buys its bonds to try to bring down borrowing costs, granting permission “will depend on the analysis of the recommendations of the ECB and other conditions,” Rehn told the Italian newspaper in an interview.

Rehn didn’t indicate what the other conditions would be. The final decision will require a unanimous decision of all the 17 euro-region governments unless there is a threat to the stability of the currency area, in which case a “qualified majority” will decide, Rehn told Corriere.

To contact the reporter on this story: Andrew Davis in Rome at abdavis@bloomberg.net

To contact the editor responsible for this story: Tim Quinson at tquinson@bloomberg.net

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