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| Europe |
| Fitch downgrades Italian and Spanish debt ratings |
| 2011-10-07 |
| The Fitch agency downgraded its sovereign credit rating for Italy and Spain today and said its long-term outlook for both countries was negative, citing high debt and poor prospects for growth. Separately, Fitch also said it was keeping Portugal's debt rating on watch for a possible downgrade, with a decision due by the end of the year. Portugal was the third and latest eurozone country to receive an international bailout package after Greece and Ireland. The reports are a blow to Europe's hopes of containing the debt crisis that has already seen three countries bailed out. Italy and Spain have the eurozone's third- and fourth-largest economies and are widely considered too expensive to rescue. |
| Posted by:tipper |
| #1 I would feel worse about my schadenfreude---if these misfortunes of |
| Posted by: g(r)omgoru 2011-10-07 15:31 |