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Spain will be given an extra year to get its deficit reduction under control, but markets were not impressed with the action taken by eurozone ministers in a Monday meeting that stretched into Tuesday.

Reuters reported Tuesday that the 9-hour discussion of the terms of a Spanish bailout lasted till the wee hours of Tuesday, with the upshot that Spain will be given a 2013 deadline to reach deficit reduction targets. However, markets were unimpressed, particularly since on Tuesday the German high court would take up a legal challenge to the methods planned for the European Stability Mechanism (ESM) to make it possible to bypass governments and bail out banks directly.

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