NEW YORK, April 27 (Reuters) – The euro slid broadly on Tuesday as downgrades of Greece and Portugal’s credit ratings added to worries aid for Greece could be blocked to raise fears the euro zone’s debt problems were spreading.
Standard & Poor’s downgraded Greek ratings into junk territory on doubts about its ability to implement reforms needed to address its high debt burden. For details, see [ID:nWNA9645]
The agency also downgraded Portugal’s ratings earlier on Tuesday, citing concerns about its ability to deal with high debt levels given its weak economic outlook. [ID:nWNA9638]
“There is such a fear of contagion in the euro zone between the downgrades of Portugal and Greece,” said Carol Hurley, senior market strategist at Lind-Waldock in Chicago. “There is a lack of resolution on Greece and how aid will go to Greece and how it will affect other countries.”
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