Page last updated at 22:28 GMT, Tuesday, 27 April 2010 23:28 UK

Greek credit status downgraded to 'junk'

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Stock markets in Europe and the US have fallen sharply after the credit ratings of Greece and Portugal were downgraded.

Ratings agency Standard and Poors have given Greece's debts "junk status", meaning there is a reduced chance the debts will be repaid in full.

Robert Peston reports.

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