Can’t slip anything past Reuters. Adam was all over this story this week like white on rice…

I liked this line:

“Portugal was the only country really rattled by the downgrade because it is seen as a much more complicated case,” said Gilles Moec, senior European economist at Deutsche Bank. “It combines the same high level of private sector overindebtedness as Spain, high public sector debt similar to Italy, plus the economic recession.”

At least its not Greece, but structurally, it’s similar.