S&P Downgrades Spain’s Debt. The Euro Credit Crisis Will Grow!
Yesterday, the market declined on renewed European credit concerns. Greek two-year interest rates spiked to 19% even though the EU and IMF have agreed to provide $60 billion in aid. Unfortunately, Greek citizens aren't grasping the gravity of the situation. Today, Greek Air Force pilots called in sick. They along with many others are protesting austerity programs. Without massive reform, the country will simply burn through the cash. Credit concerns have spread to Portugal and Spain and those yields are pricing in risk. Yesterday, Portugal's debt rating was lowered and this morning, Standard & Poor's lowered Spain's debt rating. This will …
April 28, 2010
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