Moody’s Downgrades Portuguese Debt

Paulo Duarte / AP

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.