Moody's to downgrade Spain to junk status today
Spain's credit rating currently sits one notch above 'junk' status.
Any downgrade would have severe consequences for the country, as some investors can't hold non-investment grade debt.
The news follows a weekend of protests against austerity measures across Spain and Portugal.
Thousands of Spaniards marched close to the parliament building in downtown Madrid peacefully for hours but police with batons eventually moved in to clear out those who remained.
Some protesters responded by throwing bottles and rocks and two people were hurt and 12 detained.
In neighbouring Portugal, tens of thousands took to the streets of Lisbon to peacefully protest against even deeper austerity cutbacks than Spain has imposed.
Sources and more information:
Tens of thousands of Spaniards and Portuguese rallied in the streets of their countries' capitals Saturday to protest enduring deep economic pain from austerity measure, and the demonstration in Madrid turned violent after Spaniards enraged over a long-lasting recession and sky-high unemployment clashed with riot police for the third time in less...
( via skynews.com.au )
Everything3d2.com wrote October 1, 2012 2:51:08 PM CEST
Well It is about time people see Spain for what it is, a third world country that only a fool would visit. Their so called justice system is corrupt, and if you are there and happen to get in trouble, there is no help or justice. If the prosecuting attorney (fiscal) says you are guilty, you are, no proof will change that fact. Stay the hell out of the third world country of Spain. Their King is a fake hand picked king by Franco and he picks most all of the judges in the country. Spain used to get 90 euros everyday for every foreign prisioner, it was a money making business. Things have not changed in Spain legally since the spanish inquisition, in fact they still use the laws from that time to judge you. Think twice before going to Spain, espeically to Barcelona in the State of Catalunya, friends have made that mistake and are still there. They said they were selling drugs and these people don't even do drugs. They are just another 90 euros a day to them, most of which end up in their pockets. Remember our video on don't do stupid things on vacation, well Spain is one of those things. DON'T GO TO SPAIN.