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JAN KOLLER/Czech News Agency/Press Association Images

Spanish borrowing costs hit record level

Moody’s downgraded Spanish debt to within one notch of ‘junk’ status yesterday.

SPAIN’S BORROWING costs have hit a record euro-era high following Moody’s announcement yesterday that it was downgrading Spain’s sovereign credit rating by three notches.

The downgrade comes just days after the Spanish government reached a deal to borrow €100bn to support its debt-laden banking system and it leaves Spain’s sovereign credit rating at just one notch above ‘junk’ status.

Moody’s said that the agreed loan will increase Spain’s debt burden and it also cited continued weakness in the Spanish economy as being behind the downgrade. The agency said that while details of the aid package have yet to be released, “responsibility for supporting Spanish banks rests with the Spanish government”.

Spain’s 10-year bond yields hit 7 per cent this morning – the figure which saw Ireland, Greece and Portugal all seek an EU/IMF bailout.

Madrid has pressed to distance the aid secured for Spain’s banks from the loan packages agreed for Greece, Ireland and Portugal, saying that no new austerity will be imposed on the public sector as a result of the loan.

Spainish bailout: what we know so far >

Moody’s drives Cyprus towards junk status with two-notch downgrade >

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23 Comments
    Install the app to use these features.
    Mute Therightman2015
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    Oct 21st 2015, 8:52 PM

    Looks like il be watching a load of ads

    344
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    Mute JohnAbbs
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    Oct 21st 2015, 9:01 PM

    They will be loading them on now and making you wait a minute before they clear.

    104
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    Mute Amanda Horan
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    Oct 21st 2015, 9:01 PM

    Just get the ad blocker extension on chrome! It’s free!

    183
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    Mute Mark L
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    Oct 21st 2015, 9:29 PM

    Some websites have managed to work around the ad blocker such as TV3 Player so I wonder will YouTube do the same, hopefully not.

    46
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    Mute My EL531W
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    Oct 21st 2015, 9:54 PM

    I honestly didn’t realise YouTube had ads until I started watching it on my mobile. I’d downloaded ad blocker on my laptop years ago so it came as quite the surprise.

    61
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    Mute Alan Ripley
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    Oct 21st 2015, 11:07 PM

    If it came to it, I would happily give up my TV subscription and TV licence and just pay Youtube instead. They deserve it at least. Sky is a bad joke and RTE is the pits.

    43
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    Mute Enda
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    Oct 21st 2015, 9:27 PM

    not to be confused with Red Tube

    140
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    Mute Ken Barlow
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    Oct 21st 2015, 10:12 PM

    whats that?

    44
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    Mute Rock Stoneballs
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    Oct 21st 2015, 11:14 PM

    pull the other one Ken….

    35
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    Mute Joe Bloggs
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    Oct 21st 2015, 11:41 PM

    Pretty sure he is pulling on something

    31
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    Mute Enda Ireland
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    Oct 22nd 2015, 12:48 AM

    The beginning of the end for you tube, And the chance for someone to set up “New Tube”.

    18
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    Mute Dermot Quinn
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    Oct 21st 2015, 8:57 PM

    Not sure Google have thought the pricing through. Can’t see many people willing to pay a score a month for Google play music and YouTube. Expect to see a sharp rise in piracy again.

    66
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    Mute Amanda Horan
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    Oct 21st 2015, 9:03 PM

    This will be the end of YouTube. The whole reason it became popular was because people could freely be creative and how others their talents.

    Adsense and vloggers ruined that. People will not pay to watch that crap that currently dominates YouTube

    65
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    Mute Supernova
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    Oct 21st 2015, 8:56 PM

    Just get extensions on your browser, I’m sure there’s ways around it.. 10$ a month is madness.. Can’t see it going anywhere

    61
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    Mute JohnAbbs
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    Oct 21st 2015, 9:05 PM

    That works out at € 8.81 over here.

    Netflix is better value.

    60
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    Mute Ken Barlow
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    Oct 21st 2015, 8:57 PM

    Time for a Continuity YouTube me thinks

    49
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    Mute Willy
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    Oct 21st 2015, 8:59 PM

    Ads it is so…

    34
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    Mute Byyys
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    Oct 21st 2015, 9:25 PM

    Adblock plus on Laptop & AdAway on rooted phone. I dont see any Ads.

    32
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    Mute onlybuzzinwitcha
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    Oct 21st 2015, 10:50 PM

    I take it they’re adopting the Netflix/Spotify model. But (for me anyway), paying to skip ads is not something worth paying for. I mute the ad and do something else while I wait. When you add up all those 30 seconds for the year (excluding the ads you can’t skip, you know the ones), that’s a lot of time I spent being somewhat productive. The YouTubers get their money from showing ads cos I let it run and I didn’t spend money. Crisis averted.

    20
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    Mute tomeenoldstock
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    Oct 21st 2015, 10:26 PM

    Would it be considered a crime to shoot pewdiepie?

    18
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    Mute little jim
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    Oct 22nd 2015, 12:39 AM

    Only if you blog it.

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    Mute Barry Burke
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    Oct 22nd 2015, 12:21 AM

    $10 a month. how about no….

    16
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    Mute Dave Meagher
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    Oct 22nd 2015, 10:06 AM

    $10 a month is nuts when they give content creators .000000001 of a cent of that . At least netflix is financing new content and shows.

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    Mute Dave Meagher
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    Oct 22nd 2015, 10:05 AM

    I said this was going to happen due to ad blocker and i got argued with and red thumbed and told this wasn’t going happen. Now we all know google is looking for extra money but they have the excuse they need.
    Google services will start blocking IP’s and system with adblocker installed and when google do it everyone will follow. Law decided that ad blocker can block content so inturn so can google .

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