Thursday, May 31, 2012

Fitch downgrades eight Spanish regions, pushes for more austerity

Fitch Ratings downgraded eight regions of Spain warning that a failure from the government to adopt new measures would result in further ratings cuts.

The news come as Spain's Deputy Prime Minister Soraya Saenz de Santamaría is due to meet US Treasury Secretary Timothy Geithner and International Monetary Fund Director General Christine Lagarde in Washington today.

The Spanish official will outline Spain's measures to tackle its crisis during the meetings, which were convened before Spain's situation reached boiling point, a government spokesman said.