The effects of the US debt crisis began to spread on Sunday with Middle Eastern financial markets plunging following the downgrade of the US’s long time AAA credit rating to AA+ by Standard’s and Poor late last week.
Investors rushed to trade their stocks under increasing global financial pressures as exchanges across the region reopened after the weekend. . . .
NY Times :
As Market Tension Builds, World Leaders Ponder Response
. . . . In Europe, there was speculation that the European Central Bank, whose governing council was expected to hold an emergency conference call late Sunday, would buy Spanish and Italian bonds to prevent borrowing costs for those countries from becoming unsustainable.
But as the shock of the Friday’s downgrade of United States debt reverberated dangerously with anxiety about European debt, some analysts said that the European Central Bank would itself need help . . .
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