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ECB excludes Catalonia from its bond-buying program: reports

Xinhua, April 6, 2016 Adjust font size:

The European Central Bank (ECB) has decided to exclude Spain's northeastern region of Catalonia from its bond-buying program to boost the European Union (EU) economy.

The European body believes that Catalonia does not meet solvency proceedings and has become the only Spanish region excluded from its program, the Spanish newspaper El Mundo reported on Wednesday, citing the ECB sources.

The ECB rules do not allow the institution to invest in junk bonds and ratings agencies Fitch, Stantards&Poor's and Moody's have unanimously downgrade the region to junk bond status.

The last one was Fitch, indicating that the secession resolution passed at the Catalan parliament declaring the start of a secession process raised doubts about the financial support that the Spanish state could provide. Endit