Standard and Poor's downgrades Spain rating
Standard and Poor's downgraded Spain's credit rating on Friday citing sky-high private debt, weak economic growth and towering unemployment.Importantly, the New York-based agency also predicted Spain would miss its targets to cut the public deficit in 2011 and 2012, a grave concern for financial markets.The downgrade reinforced worries about leading actors in the eurozone debt crisis just as financial czars from the Group of 20 leading economies gathered in Paris for tense pre-summit talks.
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