Spain and Italy appealed to European policy makers to step uptheir response to the financial crisis after a 100 billion-euro($125 billion) lifeline for Spanish banks failed to calmmarkets.

Spanish Prime Minister Mariano Rajoy said today he'll “battle”central bankers refusing to buy debt from peripheral nations. Rajoypublished a letter to European Union leaders calling for theEuropean Central Bank to buy debt from the countries struggling toshore up their finances.

“That is the battle we have to wage in Europe,” Rajoy told theSpanish parliament in Madrid today. “I am waging it.” His Italiancounterpart, Mario Monti, told lawmakers in Rome Europe faces a“crucial” moment.

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