Spain's debt may be downgraded.. Haw Haw

This is one of the governments liberals like to praise as some sort of model for the rest of us in America. It was built on cheap debt and now they are going to choke on it. Yes, I know the cheap growth started before the leftist led by Zappo got into power but they have since made everything worse with even more spending.

Spain became the latest euro-zone country to face a possible downgrade of its government debt, raising fears Wednesday that similar fiscal woes triggered this week in Greece are spreading. The situation highlights the divergent paths that euro-zone countries are taking out of the most severe economic downturn since the 1930s. Ireland and a number of Southern European countries that outpaced larger nations during flush times are emerging from the crisis with their economies and finances in much worse shape than Germany and France. "Those countries that had these high growth rates are now in trouble because much of that growth was financed by debt," said Paul De Grauwe, a professor of economics at the University of Leuven in Belgium.