Moody's Downgrades 30 Spanish Banks

Moody's downgraded its debt ratings of 30 Spanish banks on Thursday by one or more notches, citing a week outlook on the country. The cut is another blow to Europe's struggling banks, especially in light of Spain's sovereign debt rating cut on March 10. According to a Reuters report, "Spain's banks are considered the Achilles' Heel of its economy, and many economists believe they will need to be bailed out at a cost of as much as 100 billion euros ($140.7 billion) after the collapse of the property sector." Spain is hoping to avoid the painful public bailouts that Greece and Ireland are experiencing now. Elsewhere Wednesday, Portugal's prime minister resigned after he failed to get approval for austerity measures. The Reuters report notes that "Elsewhere Wednesday, Portugal's prime minister resigned after he failed to get approval for austerity measures." European markets are up broadly in Thursday trade.