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He also announced that the Standard & Poor's credit rating agency had raised the county's bond rating to A from A-. Bruce Lambert (NYT).
All three main credit ratings agencies cut Greece's rating to a level associated with a substantial risk of default.
The yield on Irish bonds reached 8.6 percent after the ratings agency Standard & Poor's cut Ireland's credit rating to A from AA- and put it on negative watch.
Moody's downgraded Spain's credit rating to a notch above junk.
It went from a 0.42 rating to a 0.45.
"And yet we've gone from A1 bond rating to a notch above junk.
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Fitch Ratings cut the Greek credit rating to A- last month with a negative outlook, while Moody's has put Greece on review for a possible downgrade.
Standard & Poor's reduced the company's senior debt rating to A-.
Commerzbank's shares tumbled to 18-year lows, and Standard & Poor's downgraded the bank's debt rating to A- from A, with a negative outlook.
Credit rating agency Fitch, which cut China's long-term local currency rating to A-plus from AA-minus in April, estimated then that government debt was 49% of GDP.
The purchase led Standard & Poor's to downgrade the firm's credit rating to "A-" from "A+".
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