Fitch has downgraded Portugal's debt rating to grade . The agency has judged that the increase in the country's fiscal deficit presents a greater risk of default on public debt. The problem is that Spain resembles Portugal in some indicators. To mention one, it also has a significant imbalance in public accounts. On the other hand, there are differences. Spain's public indebtedness is 54% of GDP versus almost 80% in Portugal. Will this difference be enough to escape contagion? The future evolution of the country risk, which was around 70 basis points, will give us the answer.

It is possible that a scare like this subject could be useful to promote the structural policies that will allow us to get out of the crisis. A scare is not pleasant, although it is true that sometimes it is necessary to have the bull in front of us in order to act. The likely involvement of the IMF in the Greek bailout may also set in motion a process of change. IMF loans are usually accompanied by harsh fiscal cuts and it is to be expected that the governments of the Eurozone countries will try to avoid reaching this written request.