Markets News Afternoon: Standard & Poor’s today cut Greece’s rating to junk status; Portugal downgraded; Shares slide in Europe and US
Apr 27th, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Markets news on stocks, currencies and oil; Standard & Poor's today cut Greece’s rating to junk status, saying the country’s policy options are narrowing as it tries to cut its large budget deficit. The ratings agency lowered the long-term sovereign credit rating on Greece to double-B-plus from triple-B-plus with a negative outlook. The news, combined with an S&P downgrade of Portugal, pushed down the euro to $1.3226, hit US stocks and sent Treasury prices higher.