Stock markets tumbled around the world and gold hit a new record high amid signs the debt crisis that has gripped Europe for the past year has now spread to the US.
In a move that sparked turmoil on financial markets, Standard & Poor’s warned it could downgrade America’s pristine credit rating unless Washington tackles its soaring budget deficit.
The ratings agency said it would strip the US of its ‘AAA’ standing unless it begins implementing austerity measures within two years.
http://www.dailymail.co.uk/money/article-1378257/Standard-amp-Poors-warning-downgrade-US-send-markets-tumbling.html
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