SPAIN DOWNGRADED JUST AFTER RECEIVING BAIL-OUT - PUBLIC SERVICE EUROPE
This is a sovereign downgrade, not a institutional one. The Kingdom of Spain is essentially at ‘junk status’ and free-falling…..As for Valencia, it is Spain’s 3rd largest city. The Port of Valencia is the 5th busiest container port in Europe and the largest on the Mediterranean Sea. So what may be next? The Asian markets will reopen this coming Sunday night and their reaction to this on-going mess could become a night to remember. A epic crash from these Asian Markets could create a mega-tsunami that slams into the empire city shores of southern Manhattan……buckle up……. ...Thomas Lombardi
On the day Spain received formal confirmation from eurozone ministers of its €100bn bank bail-out to a backdrop of street protests, the country was downgraded by a ratings agency to just one notch above default. American firm Egan-Jones Ratings downgraded Spain from CCC+ to CC+ with a "negative outlook" and the suggestion that the country had a 35 per cent probability of default.
Spain Postpones Recovery as Valencia Seeks Bailout