Spain suffered a fresh blow as 28 of its banks were hit with credit downgrades while Cyprus became the latest eurozone country to request a rescue loan, days ahead of a pivotal European Union summit.
A man sits at an empty coffee shop in Old Nicosia in the Cypriot capital on June 22, 2012. Cyprus has requested assitance from its eurozone parters, becoming the fifth out the 17 countries to share the euro to seek a rescue.
The Moody's decision to slash the Spanish lenders' ratings came just hours after Madrid made a formal request for cash to bail out its troubled banking sector.
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