A double-notch downgrade to Spain's credit ratings yesterday (18 October) has put more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.
Moody's lowered its rating on Italy's bonds by three notches on Tuesday (4 October), saying it saw a "material increase" in funding risks for euro zone countries with high levels of debt and warning that further downgrades were possible.
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