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| Countries Run Up Debt to Dangerous Levels |
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In a world where intertwined economies and world markets are affect by a single movie, this is important. The PIGS Countries (Portugal Ireland Italy Greece Spain) are drowning in debt from overspending - due to socialist entitlement programs, excessive building, etc., In Greece, it's an epidemic. Portugal’s Debt Rating Lowered by Fitch on Finances (Update3)By Matthew Brown March 24 (Bloomberg) -- Portugal’s credit grade was cut by Fitch Ratings for the first time, underscoring growing concern that Europe’s weakest economies will struggle to meet their debt commitments as finances deteriorate. The rating was lowered one step to AA- with a “negative” outlook, Fitch said in a statement today, adding that further economic or fiscal underperformance this year or in 2011 may lead to another downgrade. The euro extended its decline, dropping against all but one of the 16 most-traded currencies. Portuguese stocks and bonds fell.
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