Registered: Aug 2003
04-27-12 02:31 PM
by Nigel Davies MADRID | Fri Apr 27, 2012 1:08pm BST
"(Reuters) - Spain's sickly economy faces a "crisis of huge proportions", a minister
said on Friday, as unemployment hit its highest level in almost two decades and
Standard and Poor's weighed in with a two-notch downgrade of the government's
Unemployment shot up to 24% in the first quarter, one of the worst jobless figures in
the developed world. Retail sales slumped for the twenty-first consecutive month as
a recession cuts into consumer spending.
S&P now has Spain on a BBB+ rating, which means "adequate payment capacity"
and is only a few notches above a junk rating. Fitch and Moody's still rate Spain's
sovereign with a "strong payment capacity"."