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Storm clouds brewing over the Portuguese capital (Photo: fnkftw)

Portugal downgraded amid fears of snap election

Portugal has seen its rating downgraded by Moody's, with the credit rating agency arguing that the country's debt and tepid growth made it a stronger credit risk.

On Tuesday (15 March) the firm pushed Lisbon down two notches, from A1 to A3, and suggested that further downgrades are in the offing.

The move, which will hike the costs of the country's borrowing, comes as the right-wing opposition officially announced it will not support the government's plans for further austerity.

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Storm clouds brewing over the Portuguese capital (Photo: fnkftw)

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