Tuesday, July 05, 2011

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?

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