*EURO LEADERS RENOUNCE SENIORITY ON SPAIN LOANS -Bloomberg
Remember, after the European bailout a few weeks ago, the hitch was
the the funds (to be provided by the ESM bailout fund) would be senior
to existing sovereign debt, and this was seen as a problem for Spain
keeping market access. Evidently Europe has agreed to not have this new
money be senior to other sovereign debt, which is a minor pressure
relief.
