Cut to Spain's credit rating fuels fears crisis is spreading

Standard & Poor's downgraded Spain's credit rating a day after the ratings of Portugal and Greece were cut. The situation has sparked concerns that the debt crisis in the euro zone is widening. German Chancellor Angela Merkel urged officials to speed up an international rescue of Greece to help prevent further problems in the euro zone. Bank traders and risk managers are preparing for the crisis to spread as far as northern Europe.

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