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The Greek parliament has passed a significant austerity package, despite the unrest that has shaken the country and left a number of Greek citizens debt.
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"I see the downgrade as a response to the continued deterioration of Greece's fiscals and the need for further significant austerity measures," said Peter Chatwell, a fixed-income strategist at Crédit Agricole in London.
"I'm backing austerity and aim to reduce the deficit from 8.5 percent to 5.8 percent; that's significant austerity," Mr. Rajoy said after a two-day summit meeting in Brussels ended Friday, adding that he did not consult other European leaders about a step he described as a "sovereign decision by Spain".
Greece has already agreed to significant austerity measures and continues to suffer through a revenue-crimping recession for its trouble.
He said the higher target still represented "significant austerity".
Good numbers on European austerity programs are hard to come by, but the FT has a useful interactive graphic: It's not comprehensive, I think, even for the countries it covers — for example, Portugal actually imposed significant austerity in 2011, even if it fell short of the IMF program.
But it is also an opportunity for the two main parties to cooperate to provide what Portuguese voters clearly want: a significant easing of austerity, now that the worst seems to be over.
Scottish Labour have made it clear we would use these powers in a significant way to end austerity and invest in our future.
A significant dilution of the austerity he promised just four months ago and a very effective way of moving the Conservative offer slightly closer to Labour's.
Despite austerity taking a significant toll, the economy has shown positive signs of recovery and Coelho's coalition has nudged ahead in recent polls.
The recession and austerity dealt a "significant blow" to middle incomes, which fell by a cumulative 5.9% from 2009-10 to 2011-12, taverageverage incomes back to levels seen a decade earlier.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com