Moody's has downgraded sixteen of Spain's banks after a ruin on the country's deposits shook confidence in the financial system. The downgrade follows the agency's downgrade of four of the country's regional authorities yesterday on decreased credit worthiness. The move by the ratings agency adds to downward pressure on the European economy as both political and economic troubles continue to ail the union.

Rumors of a downgrade emerged yesterday as news of the run on the banks became apparent. It had been . . .

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