Saturday, Aug 06, 2011: Finance Minister Pranab Mukherjee today described the downgrading of the US government by credit rating agency as a ”grave situation” and said it has to be analysed.In an unprecedented move, Standard & Poor’s downgraded the US government’s ‘AAA’ sovereign credit rating - a development which raises concerns that investors will lose confidence in its economy.
This comes a day after a bloodbath was witnessed in the global markets including those in Asia. In india, the BSE sensex plunged more than 700 points before recovering partially with investors selling across the board.
