Spain Takes S&P Rating Cut
S&P not only downgraded the country’s sovereign debt rating two notches to a single level above junk, but also gave it a negative outlook. The ratings agency cited the uncertain economic and political situation in its reasoning.
Dithering Deepens, Spreads Eurozone Crisis
Calls for action seem to be everywhere throughout the eurozone with the exception of Germany, where Chancellor Angela Merkel’s insistence on adhering to austerity is increasingly isolating her from the rest of the region.
PIMCO’s Bill Gross: Can More Debt Solve Debt Crisis?
The bond king says stimulus policies are stifling growth; on same day, OECD pleads for structural reform.
Germany Backs Merkel, Approving Expansion of Bailout Fund
A tough vote for Angela Merkel, chancellor of Germany, passed off without a hitch as she won enough votes from her own coalition to pass new powers for the European Financial Stability Facility (EFSF).