Thursday, March 10, 2011
The markets are ganging up on the Eurozone again. Today is Spain’s turn.
Moody's Investor Service Inc. on Thursday downgraded Spanish government debt to Aa2 with a negative outlook from Aa1 previously, triggering sharp declines for the euro and European bond prices in early European trading. The news fanned concerns in European financial markets that high-debt countries in the euro-zone could bring the 17-nation currency closer to a new debt crisis. Earlier this week Standard & Poor's downgraded Greek government debt.