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News Link • Economy - International

Rating cut piles pressure on Spain to seek aid

•, By Paul Day and Rodrigo De Miguel
  Standard and Poor's said recession was limiting Spain's options on policy and said Madrid's delay in asking for aid could drag on the new rating, which it kept on negative outlook - indicating another cut is in prospect. 

Another headache for the government came with data showing consumer prices rose at their fastest pace in 16 months in September, further depressing demand among cash-strapped consumers.

  "We expect the current situation to continue to run until either market or political pressures become more acute," U.S. investment bank JP Morgan said in a note to clients. "The promise of ECB action may be holding back both sorts of pressure in the near-term, and there is little evidence to suggest that either will necessarily reappear over the next few weeks." 

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