Investors Punish Spain, Portugal Banks - WSJ.com

Investors Punish Spain, Portugal Banks - WSJ.com: "Portugal's banks received another blow Friday when Moody's Investors Service became the second ratings firm in a week to threaten a downgrade over their continued reliance on funding from the European Central Bank.
Many analysts say the problem is likely to persist until the Portuguese government shores up its finances. Shares in Spanish banks also came under pressure, as investors continued to see parallels between the situations in the fiscally frail Southern European economies.
The two Iberian countries are in the eye of a storm that has already claimed Greece and Ireland as casualties. Both Spain and Portugal are facing spiraling public debt and prospects of little or no growth in coming years due to severe government austerity measures to contain wide budget gaps."

:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.