The Mumble: Spanish time bombs

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The Mumble: Spanish time bombs

Just as we enter one of the busiest months of the new issuance calendar in some of the most volatile markets in history, Moody’s could be about to junk Spain. Ratings agencies have often been followers rather than drivers of the action during this sovereign crisis. But this time round, a ratings cut could push a Spanish bailout from being a likelihood to a certainty.

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