As usual, bad news was released over the weekend when the least number of people are paying attention. In this particular instance the bad news was:
1) S&P downgrading nine EU countries, including France and Austria which both lost AAA status
2) S&P downgrading the EFSF to AA
3) S&P’s head of sovereign ratings stating that a Greek default is coming soon
4) Germany giving a definitive “NO” to the ECB on the option of Quantitative Easing (QE)
None of these should
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