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Another clunk ...

Posted by Richard Friday, May 28, 2010

Reports The Times, the euro plunged and US stock markets dived tonight after Spain was stripped of its top-level credit rating by a leading rating agency over concerns about its economic growth.

In the latest blow to the eurozone, Fitch Ratings downgraded Spain's sovereign credit rating by a notch from the top AAA rating to AA+. Standard & Poor's downgraded Spain's rating for the second time to AA last month but Moody's has maintained the rating at AAA.

This may be survivable, but even those with short memories will recall that this is how the Greek crisis started. And Spain is a much bigger economy ...