Moody’s Cuts Portugal’s Sovereign Debt Rating

Filed under: International Markets , Economic Data , Financial Crisis , Currency Moody’s Investors Service cut Portugal’s sovereign debt rating . In a statement from the agency, Anthony Thomas said: “The Portuguese government’s debt to gross domestic product and debt to revenues ratios have risen rapidly over the past two years.” Moody’s also questioned whether Portugal’s economic reforms will be sufficient to reverse the deterioration in the country’s debt metrics, especially in light of recent labor reforms. Portugal initiated a program to cut its budget deficit from 9.4% of GDP to 8.3% of GDP this year and to 2.8% of GDP in 2013. Moody’s expects the Portuguese economy to be flat to plus 0.5% and to rise to 1.5% in 2011. Continue reading Moody’s Cuts Portugal’s Sovereign Debt Rating Moody’s Cuts Portugal’s Sovereign Debt Rating originally appeared on BloggingStocks on Tue, 13 Jul 2010 08:00:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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Moody’s Cuts Portugal’s Sovereign Debt Rating

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