Describe a familiar malaise of slow growth and the crushing of the public and private debt, Moody, in fact, issued a vote of no confidence in Spain and the European Union's handling of the crisis so far.
"Since placing the notes under review at the end of July 2011, has no credible solution to the current crisis of the debt arose, and it will in any case take time for confidence in the cohesion policy the region and the prospects for growth to be fully restored. ""Spain, needs a large sovereign debt, as well as a foreign debt of the Spanish banking system and corporate sector make it vulnerable to further financial stress."
Moody warned that the stress is further amplified by slow growth, which would make even more painful budget cuts for any government that comes out of the election on November 20.
"Moody's now expects real GDP growth of the Spanish in 2012 to one percent at best be compared with previous expectations of 1.8 percent," the agency said."Slower economic growth will again be done to achieve the ambitious tax even more difficult for Spain."Moody's announcement comes after the agency downgraded the debt of Italy and Belgium in relation to similar concerns.
