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Greece's debt has been downgraded to junk status by ratings agency Standard & Poor's amid mounting fears its debt crisis is getting out of control.The agency said it was lowering its rating on Greece's debt to BB+ from BBB-.
Earlier, Portugal saw its debt downgraded by two notches as doubt intensified about countries with substantial debt relative to GDP.
Shares in Greek banks slumped by more than 9% on Tuesday.
These were the banks' largest one-day falls for 18 months as worries grew that financial aid for the country was facing obstacles.
S&P warned holders of Greek debt that they only had an "average chance" of between 30% and 50% of getting their money back in the event of a debt restructuring or default.This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.