Spain's economy was thrown into chaos on Thursday when its credit rating was cut, sharpening fears that Britain may suffer a similar fate. The turmoil came just a day after Greece’s rating was cut, increasing concerns of a Europe-wide financial crisis.
The euro fell sharply and the interest rates European governments pay to borrow money jumped after Standard and Poor’s, a credit ratings agency, downgraded Spain. Read more...
Have you noticed all these credit rating companies are American? I don't know if that means something but I'd like to think the EU is taking note.
ReplyDeleteMe thinks there's something going on it was the same rating agencies that rated subprime junk AAA. it's an attck on the eurozone to take the worlds eyes off the USA debt issues and to drive investors into treasuries as the last bond auction was undersubscribed. ukws
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