Moritz Kraemer, head of European sovereign ratings at Standard & Poor's, talks about the downgrade to Spain's credit rating and the European Central Bank's role in the region's debt crisis.

He speaks from Frankfurt with Guy Johnson on Bloomberg Television's "The Pulse." (Source: Bloomberg)

00:00 "Shades of grey" in Spain's rating; growth 04:09 ECB "cannot solve" debt crisis; Spanish banks

Running Time: 08:20