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Standard and Poor's decision comes as France's economic tensions rise and unemployment remains at around 11 percent.
Bankia shares fall more than 13 per cent as Spain's borrowing risk premium reaches euro-era high.
Exit polls show New Democracy and PASOK, parties which pushed for austerity measures, suffered major losses in ballot.
Two main parties expected to be punished in parliamentary poll amid widespread anger over continuing economic crisis.
European Central Bank urges eurozone governments to match growth strategy with fiscal discipline.
Protests expected in Spanish city in the absence of hopes of any support mechanisms emerging from the meeting.
Featured on Al Jazeera
Swathes of the British electorate continue to show discontent with all things European, including immigration.
Astronomers have captured images of primordial galaxies that helped light up the cosmos after the Big Bang.
Critics assail British photographer's portrayal of indigenous people, but he says he's highlighting their plight.
As Western stars re-release 1980s charity hit, many Africans say it's a demeaning relic that can do more harm than good.

 
 
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