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Spain discusses state bailout; ECB seen writing off Greek debt

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Spain has at last conceded it may need a state bailout and policymakers are considering writing down Greek debt to their central banks, European officials said on Friday, as markets anticipated radical new action to pull the continent out of its debt maelstrom. The euro zone's two most powerful politicians, German Chancellor Angela Merkel and French President Francois Hollande, spoke on the phone and issued a joint statement. Echoing Draghi's pledge on Thursday, they said they were "determined to do everything to protect the euro zone".

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