The week that was: World markets crash; S&P downgrades US

The week started off quietly, but ended with a boom. Financial markets worldwide toppled towards the end of the week due to fears of a global recession. But the US took a big hit on Friday, with S&P downgrading its credit rating.

August 07, 2011 / 11:33 IST

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The week started off quietly, but ended with a boom. Financial markets worldwide toppled towards the end of the week due to fears of a global recession. But the US took a big hit on Friday, with S&P downgrading its credit rating.

In a dramatic reversal of fortune, the United States lost its top-notch AAA credit rating from Standard & Poor's on Friday on concerns about growing budget deficits. This came through even though the US Congress had passed a debt deal on Tuesday.

At the 11th hour, the US House of Representatives passed a Bill to increase the country

first published: Aug 6, 2011 01:40 pm

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