Greece's lowered credit rating prompts stock exchanges to dip. Photo: Scanpix
Greek crisis and lowered credit ratings prompting fall

Stockholm Stock Exchange loses gains for the year

The Stockholm stock exchange continued to sink Friday and had fallen by 3 percent by the end of the day to 300.9. Stockholm fared worse than the leading European markets, and news agency TT reports that the headway it had made during the whole year has now been cancelled out by the losses.

Financial markets around the world dropped dramatically Friday morning. Decisions from various credit rating agencies affected stock exchanges.

The political turbulence in Greece prompted Fitch to lower the country's credit rating to just above default - from a rating of "B" to "CCC", while Moody's, another credit rating agency, lowered the ratings of 16 Spanish banks and four of 17 regions in Spain.

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