Spain has faced a series of downgrades this week. The week started when Fitch, the credit rating agency decided to downgrade Spain and several of its banks. Then on Tuesday Standard and Poor downgraded all of Spain’s major banks including Santander. Finally, yesterday, Standard and Poor downgraded Spain from AA to AA- with a negative outlook.

The agency has cited greater risks to Spain’s growth prospects and quoted high unemployment, tighter financial conditions, high levels of debt and a slowdown in the Eurozone as being the reasons behind their decision.

A general election is due on 20th November.

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