threaten the recovery that we are slowly, slowly putting together in america. we re adding jobs slowly but if con contagion as they call it spreads from europe to the u.s. we could have a problem and that s what markets are reflecting today. beyond greece, we know portugal and spain have seen their debt ratings downgraded so for people who thought this could be possibly isolated to greece they were certainly wrong. we ve seen the impact. reporter: yeah. i mean, it s sort of like if you remember the problems we had with bear stearns and then it was lehman brothers and then it was merrill lynch. investors have an attitude that if it s the old cockroach theory. if you see a cockroach there are probably others lurking where you don t see them. people are looking at greece as a trouble spot but saying, well, if greece is in trouble and it s taking this much effort to rescue them, what happens if spain gets into trouble? spain s economy is nearly six
[ male announcer ] competition. it pushes us to work harder. to be better. to win. but sometimes even rivals realize they share a common goal. america s beverage companies have removed full-calorie soft drinks from schools, reducing beverage calories by 88%. together with schools, we re helping kids make more balanced choices every day. time for today s market wrap. stocks tumbled today after the debt ratings on greece and portugal were downgraded. cnbc s bob pisani has the very latest from the floor of the stock exchange. hi, bob.
global trade but that the playing field does not need to be even alex. welcome to do that we have business all eyes are on italy today where president settlement l.-a vetoed an anti euro finance minister the street during more political turmoil with fresh elections expected later this summer but investors were heaving a sigh off relief before talks to form a new coalition government broke down ratings agency moody s threatened to cut italy s debt ratings citing risks that the new government will weaken its public finances and retreat from previous reforms italy holds the world s third largest public debt and is vulnerable to a rise in refinancing costs. one more on that story i m joined by fed and fish the who is the chief economist at the german institute for economic research good to have you with us and i said that