Greece’s debt crisis spread to Portugal after a pair of ratings downgrades on the two countries spooked investors, fueling a sell-off in markets across the globe while shattering Europe’s hopes on containing the crisis.Greece became the first Euro Zone nation to have its credit rating reduced to “junk” by Standard & Poor’s, a move that will make now nearly impossible for Greece to borrow, dashing any remaining hopes of the debt-stricken nation’s recovery. Portugal, who like Greece is struggling to rein in its budget deficit, suffered a two notch downgrade. While this downgrade left its investment-grade intact, it severally raised concerns about the country’s possible tragic fate.
Greece’s debt crisis spread to Portugal after a pair of ratings downgrades on the two countries spooked investors, fueling a sell-off in markets across the globe while shattering Europe’s hopes on containing the crisis.Greece became the first Euro Zone nation to have its credit rating reduced to “junk” by Standard & Poor’s, a move that will make now nearly impossible for Greece to borrow, dashing any remaining hopes of the debt-stricken nation’s recovery. Portugal, who like Greece is struggling to rein in its budget deficit, suffered a two notch downgrade. While this downgrade left its investment-grade intact, it severally raised concerns about the country’s possible tragic fate.
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