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The Market May Force the ECB's Hand: Economist

Wednesday, 1 Aug 2012 | 1:00 AM ET

"The ECB could intervene but the political constraints are pretty tough. Neither Spain nor Italy want to request help that would facilitate ECB intervention, what they are essentially saying is that they have done enough homework and don't need extra conditionality, so they want the ECB to intervene directly," Jacques Cailloux, chief European economist at Nomura, told CNBC.