Above is the text message Spanish Prime Minister Rajoy allegedly sent to Finance Minister Guindos before the latter went in for a last round of negotiations on the terms of a bailout for Spain’s banks. He’s urging Spain to hold out for a good deal. “We’re the number four power in Europe,” it says. “Spain is not Uganda.”

Now it appears that Spain are worse than Uganda as Egan Jones the ratings agency has downgraded Spain to CCC+ negative outlook. Uganda has a B rating.

Source:ZeroHedge, slate.com