S&P downgraded Portugal and Greece due to permanent bail-out fund agreement
29 March 2011
Standard and Poor's said the downgrades came after the agreement by European leaders last week to replace the European Union's bailout fund with the European Stability Mechanism in 2013.
The downgrade hit the bonds of both countries -- two of the weakest countries in the euro zone. The yield on Portugal's 10- and two-year bonds jumped to euro lifetime highs, and the yield on Greece's two-year bonds rose 10 basis points to 15.46 percent.
Press release
© Reuters
