S&P cuts Greece’s credit rating

Greece became the first big western European economy, January 2009, to have its credit ratings downgraded since the start of the financial crisis because of rising fears over its ballooning public sector debt.

Standard & Poor’s decision to cut its ratings sent Greek stocks plunging, saw the euro weaken, and heightened concerns across the eurozone over the public finances of the weaker economies as they take on record levels of debt.

ESO: Background information: Portugal gets fourth eurozone credit warning http://www.europeansources.info/record/portugal-gets-fourth-eurozone-credit-warning/

ESO: Background information: Spain hit by public finance warning http://www.europeansources.info/record/sp-warns-spain-over-high-debt-levels-spain-hit-by-public-finance-warning/

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