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Fitch slashes Spain rating to BBB

2012-08-31 9 Dailymotion

Ratings agency, Fitch, has downgraded Spain's credit rating because it believes Spain will need a bigger bailout than initially thought.<br /><br />Spanish debt is now considered triple B - just above junk status.The government did raise $2.6 billion at an auction of its debt - but at a cost - it had to pay a high interest rate.<br />Al Jazeera's Emma Hayward reports on why Spain's economy is causing so much concern.

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