Spain's Credit Rating Gets Cut

As with Greece this will hopefully be a wake up call to all those who think unsustainable deficit spending is not a problem.

http://finance.yahoo.com/news/Credit-rating-cut-deals-blow-apf-4185975081.html

"Fitch Ratings cut Spain's credit rating Friday, saying its government's efforts to reduce debt would weigh down economic growth.

The ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country's rating one notch from AAA to AA plus. It said Prime Minister Jose Luis Rodriguez Zapatero's efforts to close the budget deficit "will materially reduce the rate of growth of the Spanish economy over the medium term." Lower growth would also mean gathering less in tax revenues, it said."