GOING BEYOND
5.23.2011
How Spain could rip the eurozone apart
Another weekend, another problem with the eurozone. In fact, there's more than one. Greece's financial woes keep piling up. The country's bonds have just been downgraded again. Fitch Ratings has cut its view on Greek debt from BB+ to B+. In credit score-speak, this lowers Greece's rating from "non-investment grade speculative" to "highly speculative". Put more simply, Fitch reckons that people buying Greek debt are taking a huge risk they won't get their money back. That's bad enough. But meanwhile, an even bigger danger to the eurozone is developing 1,400 miles to the west – from Spain.
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