Just So the Greeks Don't Feel Alone...

Moody's downgrades Portuguese debt to junk - Telegraph.

Moody's slashed Portugal's debt four notches to Ba2, saying that the country was likely to need a second bail-out before it could raise money in the capital markets.

Based on the conditions imposed on Greece, it was likely that "private sector participation would be required as a precondition" to a second cash injection, said Moody's.

So, is Ireland or Spain next?