S&P Downgrades Greece and Portugal

Greece has just entered a free fall and taken Portugal with it, although they only have themselves to blame. This downgrade along with souring investor confidence in Greece and Portugal is certain to lead to the first major soveriegn defaults of the 2008 Recession. In other words, the global economy is in for another shake-up. Prepare your emergency shelters because who knows where this one is going.

 

 

Sent to you by Bo Howell via Google Reader:

 

 

S&P Downgrades Greece and Portugal

via Calculated Risk by CalculatedRisk on 4/27/10

From MarketWatch: S&P cuts Greece ratings to junk status

Standard & Poor's said Tuesday it cut Greece's ratings to junk status. The ratings agency lowered the long-term sovereign credit rating on Greece to BB+ from BBB+. The outlook is negative.

From CNBC:

S&P downgraded its rating on Portugal's debt by two notches to A-minus.

 

 

Things you can do from here:

• Subscribe to Calculated Risk using Google Reader
• Get started using Google Reader to easily keep up with all your favorite sites