Standard & Poor's cut the credit ratings of Greece and Portugal, spooking investors and sparking a market sell-off worldwide. The downgrades also dashed the hopes of European officials who thought they could contain the credit crisis. Investors were concerned about Greece's position before the downgrades because there was indication that the EU and International Monetary Fund's aid package for Greece might be delayed by Germany. 
Wednesday, April 28, 2010
Greece's debt rating is cut to junk; financial woes spread to Portugal
Standard & Poor's cut the credit ratings of Greece and Portugal, spooking investors and sparking a market sell-off worldwide. The downgrades also dashed the hopes of European officials who thought they could contain the credit crisis. Investors were concerned about Greece's position before the downgrades because there was indication that the EU and International Monetary Fund's aid package for Greece might be delayed by Germany. 
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