Greece has earned the dubious distinction of being the first Eurozone member to have its credit rating downgraded to junk status. It may soon however, have company as Portugal also saw its rating drop to A- from A+.
The sharp downgrading underscores the legal wrangling that continues to dominate the news as Eurozone members argue how best to provide assistance to struggling nations.
Ã¢â‚¬Å“The markets are demanding their pound of flesh and want everything to be signed, sealed and delivered as of yesterday,Ã¢â‚¬Â said David Owen, chief European financial economist at Jefferies International Ltd. in London.
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