Spain's credit rating downgraded; causes Euro drop

By ASSOCIATED PRESS, JPOST.COM STAFF
May 28, 2010 23:03

 
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Fitch Ratings cut Spain's credit rating Friday, saying the Spanish government's efforts to reduce debt would weigh down economic growth.

The ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country's rating one notch from AAA to AA plus.

The rating cut has led to a wave of traders betting against the Euro which is expected to continue its recent decline.

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