Standard & Poor's (S&P) has cut Spain's credit rating two notches to BBB+ and warned of more economic pain to come.
It has also placed Spain on negative outlook, meaning there is a risk of further downgrades. The ratings agency said the country could have to take on more debt to support its banking sector, the BBC...
Taxes will have to increase after the March Budget if the government plans to honour the spending plans in outlined last year, the Institute for Fiscal Studies (IFS) has warned.
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