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Finland’s Katainen Rejects Bank License for ESM, Spiegel Says

Aug. 13 (Bloomberg) -- Finnish Prime Minister Jyrki Katainen said his government rejects proposals to give a banking license to the euro region’s planned permanent financial backstop, Germany’s Der Spiegel magazine reported, citing an interview.

Finland is critical of plans to buy government bonds in the secondary market to push yields down, Katainen told the magazine. Bond purchases by the European Central Bank have only brought short-term relief, he was cited as saying.

Bond buying in the primary market could be part of a “sustainable solution” and sales of covered bonds, backed by state assets, may help troubled euro members bring their refinancing costs down, he said.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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