Ratings agencies have downgraded Spanish debt and a raft of Italian banks, while Greece on Wednesday (19 October) expects a massive strike ahead of an EU summit on new anti-crisis measures.
Moody's on Tuesday pulled Spanish debt down two notches from A1 to Aa2, putting the eurozone country in a similar bracket to Italy and non-euro states such as Botswana, Japan and Poland.
It cited debt-laden banks and low growth prospects in its statement, noting: "Since placing the ratings unde...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.