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DOWN A NOTCH Portugese Debt Downgraded Paulo Duarte / AP

Portugese Debt Downgraded

Henry the Navigator couldn’t steer Portugal out of this mess. The influential ratings agency Moody’s has downgraded the country’s debt once again, predicting that it will fail to meet debt-reduction targets and will need a second bailout package. Portugal already received a package worth around $113 billion this year from the EU and is trying to separate itself from Greece, which just voted to accept deep budget cuts in order to receive a bailout. The two countries have been linked as among the most troubled in the Eurozone.

July 5, 2011 4:01 PM