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Markets tumble after European bank fails to promise bond bailout

The European Central Bank’s announcement today expressed a willingness to prop up the bond market but without providing any specifics on how much it would spend, for how long, or starting when, dashing expectations that the continent had unified around a remedy for the eurocrisis.

Moody’s ratings agency downgrades Spain

Moody’s slashed Spain’s credit rating to just above junk status and placed it on review for a possible further downgrade.