Links 2012-10-24

Greece to cut wages and pensions further to avoid default - Telegraph
"Greece is set to cut public sector wages and pensions, as it agrees terms with its international lenders to release the next tranche of its bailout to avoid defaulting."
 Moody's downgrades five Spanish regions; confirms ratings of other five regions
"Moody's Investors Service has today downgraded by one or two notches the ratings assigned to five Spanish regions -- Andalucia, Extremadura, Castilla-La Mancha, Catalunya, and Murcia.At the same time, Moody's has today confirmed the ratings of the Basque Country and the Diputacion Foral de Bizkaia at Baa2, one notch above the sovereign bond ratings. In addition, the ratings of the regions of Madrid, Castilla y Leon and Galicia have also been confirmed at Baa3...

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