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Moody's to downgrade Spain to junk status today

Moody's to downgrade Spain to junk status today

October 1, 2012 - Analysts widely believe a decision will be forthcoming and that the outcome is unlikely to be positive.

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:

Madrid anti-austerity protests turn violent again

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...

Spanish protesters clash with police

Spain, Portugal brace for more austerity protests

( via skynews.com.au )


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