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Stock markets in Europe and the United States have fallen sharply |
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in response to further signs that the debt crisis in Greece is intensifying |
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and could spread to other countries. |
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Share prices in New York, London, Frankfurt and Paris |
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fell by more than 2% after a major international credit rating agency |
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Standard & Poor's downgraded Greek debt |
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to a level known informally as junk. |
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Nils Blythe has more. |
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Standard & Poor's downgraded its assessment |
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of Greek bonds to the so-called junk status |
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because of the growing danger |
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that the bond holders will not be paid back in full. |
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Many big investment funds have rules |
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that forbid them from holding junk bonds, |
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says the move is likely to trigger a further round of selling. |
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Share markets have taken fright, |
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fearing that if Greece does default on its debts, |
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it would hit many European banks which hold Greek bonds |
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and could trigger a wider financial crisis. |
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Already pressure is mounting on Portugal |
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which has also seen its credit rating downgraded today, |
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although it remains above junk status. |
