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“Junk”. A single word headlines today’s issue of i. Moody’s, one of the major rating agencies, downgraded on July 5 Portugal's credit rating to junk level, noting that it may need a second foreign loan and that it may not be able to meet the budgetary goals set by the agreement with the EU-ECB-IMF troika. Moody’s justifies this assessment with “the increasing likelihood of Portugal not being able to finance itself at sustainable rates in the markets during the second half of 2013 and beyond”. “Portugal is being used as a weapon between the agencies and Europe over the Greek issue and that is unacceptable”, comments professor Paulo Soares Pinho for the Lisbon daily, the first reason for Moody’s scepticism being the negative opinion the agency has about the European solution for the crisis in Greece.
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