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Spain has had its credit outlook cut to negative from stable by the ratings agency Standard & Poor's.
The agency said Spain faced a deeper deterioration in public finances and a longer period of economic weakness than it had previously expected.
Spain's debt is expected to hit 67% of gross domestic product next year, according to S&P, compared with 125% forecast for Greece.
"Either we eradicate the debt or the debt will eliminate the country," George Papandreou said, copying a phrase first used by his father Andreas, who also served two terms as prime minister.
ATHENS - Fitch Ratings downgraded Greece's credit rating yesterday, citing concern over public finances and doubts that the new government would be able to sufficiently contain the ballooning debt. The downgrade came a day after another agency, Standard & Poor's, warned it might downgrade its own rating on Greece's national debt. In a statement, Fitch said it was cutting Greece's rating from A- to BBB+ - the worst in the eurozone - with a negative outlook.