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Spain downgraded just after receiving bail-out confirmation

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On the day Spain received formal confirmation from eurozone ministers of its ? �100bn bank bail-out to a backdrop of street protests, the country was downgraded by a ratings agency to just one notch above default. American firm Egan-Jones Ratings downgraded Spain from CCC+ to CC+ with a "negative outlook" and the suggestion that the country had a 35 percent probability of default. The Capital Economics think-tank, in the United Kingdom, warned of worse to come for Spain.

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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

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