April 28th, 2010
06:41 PM ET

Spanish debt downgraded as Greece shakes markets

Standard & Poor's downgraded Spain's debt to a "AA" rating Wednesday, down from "AA+," a day after its downgrading of Greek debt set off falls in markets worldwide.

Spain's economy is among the largest in the European Union, significantly bigger than Greece's.

The S&P announcement came as German Chancellor Angela Merkel huddled with the head of the International Monetary Fund to hammer out specifics of aid to Greece.

Germany will do what it can to help Greece out of its financial crisis, Merkel said Wednesday, "but also Greece has to do its part."

Read the full CNN.com story

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Filed under: Spain • World
soundoff (One Response)
  1. Eriq

    This is not good

    April 28, 2010 at 9:39 pm | Report abuse |