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Euro Leaders Retool Aid Fund, Cut Greek Rescue-Loan Rates

Euro-area leaders widened the scope of their rescue fund to stamp out the debt crisis, authorizing officials to buy debt in primary markets, while cutting the cost of bailout loans to Greece.

The officials rejected Ireland’s bid for relief as Prime Minister Enda Kenny refused to yield to calls to raise its 12.5 percent company tax rate. Leaders will allow the facility to spend its 440 billion-euro ($611 billion) capacity, though it won’t be used to finance bond buybacks of debt-strapped states. A final agreement is slated for a summit on March 24-25.