Tuesday, July 5, 2011

EU PIGS update: Portugal downgraded to junk

EU PIGS member Portugal downgraded to junk by Moody's!

Much like Greece currently needs financing help to avoid a sovereign debt default, Moody's feels that Portugal will soon be in the same position.

As a result the rating agency downgraded Portugal's debt rating 4 levels to Ba2, 2 levels into junk territory.

The sovereign debt story of the EU will go on.

Log on, find a job and get to work. Snagajob

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