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Direct Bailout From The ESM?

|Includes: EU, EUO, CurrencyShares Euro Trust ETF (FXE)

Forget about it, says a senior eurozone official. This latest development comes after weeks of market speculation on whether German Chancellor Merkel will budge and throw her weight behind the idea of giving European banks and other institutions in distress direct financial aid without any austerity catches. However, the senior eurozone official states that the European Stability Mechanism would only intervene "against full guarantee by the sovereign concerned".