Unions strike as Fitch downgrades Portugal

[alp227]

Source: FT

Portuguese trade unions and disaffected youth movements protesting against painful austerity measures caused widespread disruption on Thursday in what labour leaders said was the country’s biggest general strike in more than 30 years.

The 24-hour stoppage came as Fitch cut Portugal’s sovereign debt credit rating to junk status, citing the country’s adverse economic outlook, fiscal imbalances and “high indebtedness across all sectors”.

Fitch’s one-notch downgrade, from triple-B minus to double-B plus, follows a similar downgrade by Moody’s in July.

The general strike closed factories, schools, universities, courts and public services, halted buses and trains, and led to the cancellation of most flights to and from Portugal. Hospitals were limited to emergency services.

Read more: http://www.ft.com/cms/s/0/9c5b7456-1694-11e1-be1d-00144feabdc0.html

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[msongs]

1. these corporate scum like fitch and moody's need to be dumped nt

[Art_from_Ark]

2. I don't see how anyone even gives them the time of day any more

after the role they played in the subprime debacle.

http://www.nytimes.com/2007/07/25/opinion/25rosner.html

[JDPriestly]

3. Art, you are so right.

They share the blame for the mess we are in.