The financial crisis is confirmed in Europe and is spreading

Coface has reduced Spain, Estonia, Latvia and placed Portugal, Denmark, South-Africa and Vietnam under negative watch.

In Europe, the financial crisis is
dragging Spain down, which is pulling Portugal along in its wake. In
Denmark, which is more vulnerable than the other Scandinavian
countries, companies are suffering from the economic downturn and
from tighter margins.
Although the BRICs (Brazil, Russia, India
and China) are still withstanding the crisis well, there is a rising
credit risk in the Baltic countries, South Africa and Vietnam – each
being handicapped by unbearable external balances and an economic
slowdown.