Japan made a SLIGHT ENORMOUS adjustment to previous reported GDP, taking that number down to growth of 1.3% from 4.8%. According to the Financial Times, "a recovery in business development proved an illusion."
Spain is today's "sovereign downgrade of the day," joining the likes of Dubai and Greece, who've seen their debt protection costs soar over the past few days. Standard & Poor's cut their credit rating outlook for Spain today, adding to worries about potential defaults.
Greece's CDS (Credit Default Swaps. They rise as the entity's likelihood of defaulting on debt increases).....
Yet Greece is still in better shape than California... :(