Jose Socrates

Moody's analysts cut Portugal's sovereign debt rating one notch Tuesday, taking a wait-and-see approach to the financial crisis surrounding the Portuguese debt load. "The limited migration of the rating to Baa1 (and not lower) in today's action, reflects Moody's assessment that assistance would be...

Portugal's outgoing Prime Minister, Jose Socrates, says accepting a bailout from either the European Union or the International Monetary Fund will harm, not help, the Portuguese people, as well as the euro. Socrates, who resigned after parliament could not agree on budget cuts, is currently...

The likelihood that Portugal will seek a bailout increased after the resignation of the country's prime minister, who had been trying to push through structural reforms that are needed for the country to reduce its fiscal deficit and lower its borrowing costs. Like many leaders throughout Europe...

Just weeks after lowering Spain's sovereign debt rating, Moody's Investors Service downgraded the credit rating of thirty of Spain's smaller banks on Thursday, while leaving the credit ratings of the country's three biggest banks unchanged. There is growing resistance in some of the more...

Portugal's parliament is expected to reject austerity measures that are setting the stage for the possible collapse of the Socialist government a day prior to the European Summit. The problems could easily escalate because there is increasing concern that Finland, a triple-A rated economy, might...