Irish Bonds Lead Spanish, Portuguese, Greek Debt Lower on S&P
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Irish bonds led declines by the euro region’s most indebted members after a two-notch sovereign downgrade by Standard & Poor’s deepened concern the nation’s fiscal crisis will spread.
Spanish and Greek securities fell after Ireland’s credit was lowered to A from AA- by S&P, which cited the mounting cost of bailing out the nation’s banks. German bonds slid after demand weakened at a sale of new 10-year debt and stock markets rose. Portuguese bonds declined as workers walked out in the nation’s biggest strike for 22 years. Irish bonds stayed lower after Ireland announced a budget plan to stave off bankruptcy.