Standard & Poor's has downgraded Spain's credit as European leaders meet with G20 counterparts to discuss the euro-zone debt crisis on Friday. Due to slower-than-expected growth, private-sector debt, high unemployment at 21%, and all around fiscal woes, S&P cut the rating agency to AA- from AA. The move sent the euro briefly lower. Meanwhile, G20 officials in Paris brainstormed ways to solve Europe's deepening debt crisis, mulling over a lending boost to the IMF, The Wall Street Journal reports. German Prime Minister Angela Merkel and French President Nicolas Sarkozy said earlier this week they both agree on a plan, but haven't unveiled the details to the public.
