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European Stocks Surge Most in Seven Months on Summit Decisions

European stocks rallied the most in seven months after policy makers eased repayment rules for Spanish banks, relaxed conditions for possible aid to Italy and unveiled a $149 billion growth plan for the region’s economy.

Banco Santander SA paced banks higher, jumping 6.9 percent, after euro-area leaders at a summit in Brussels dropped a requirement that their governments get preferred-creditor status on crisis loans to Spain’s lenders. Actelion Ltd. climbed 2 percent after getting U.S. approval for its Veletri drug.