Euro Debt Contagion
S&P Downgrades Spain
Excerpt:
Just one day after roiling global markets with downgrades for both Greece and Portugal, Standard & Poor's Corp. on Wednesday downgraded Spain's longterm credit-rating to double-A with a negative outlook.
"We now believe that the Spanish economy's shift away from credit-fuelled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed," Standard & Poor's credit analyst Marko Mrsnik said.
Comment: Imagine when governments cannot pay their own debt! How long until the US experiences this?
