S&P Downgrades Hungary to Junk After It Defies IMF and EU
Hungary was downgraded to junk for the second time in a month, this time by S&P, after Moody's took a similar action previously, but markets reacted little to the news.
Britain Isolated on Fiscal Union
Britain was left standing alone as most of the 27-nation European Union agreed to consider a separate treaty with stricter budget rules for the euro zone.
S&P Warns on Possible Downgrade of EU, Banks
Standard & Poor's, continuing a theme it began earlier this week, said Wednesday that the European Union itself could face the loss of its AAA credit rating, as could large euro zone banks.
Europe in Disarray as Contagion Spreads
As both Italy and Greece fumbled with successor governments, worries over officials’ failure to find a solution to the debt crisis spread contagion to Italy, where bond yields broke records.