Spain DOWNGRADED - Eurozone Crisis

BBC News: Reports that the credit agency Standard & Poor's has downgraded the Spanish credit rating, from AA to AA-, due to low growth, debt and high unemployment. The contagion from Greece has taken down the Belgium/French Bank Dexia, the cost of Italy and Spain selling their bonds is over 5%, its only because the European Central Bank is buying Italian Bonds that the Italy has not gone down the toilet, the cost is that Italy is now owned by the ECB. The expected 2/3 trillion bailout package is being created to safe guard against having to bailout both States, they can not be allowed to go under, as their fall would take down World Banks and kill off the Euro and damage the EU. The problem is folks there is still no detailed plan, the rumoured plan is as follows, 1, bailouts for the Eurozone Banks, a 2/3 trillion stability fund, the managed default of Greece. The latest rumour out of the EU is for Banks with Greek debt to write off 50% to 60% of that debt. Thus before a Greek default a big firewall has to be in place to protect the banks, thus the delay folks, lets see the details folks.