>>>Yep! They were late in the proper assessment then and now. Greece, Portugal & Spain have no chance of escaping their debt burdens without a Euro-wide bailout which will drag down the whole block, massive taxation which will cripple their economies, massive spending cuts which will enrage the free-riding populace and cripple their infrastructure through protest and/or general strike, or outright default which will destroy the Euro as a globally acceptable currency. These downgrades should've occurred long ago. I applaud S&P and Moody's for finally moving a step towards the truth of the situation.
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>>ROFL
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>>California BIM BAM
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>California is a mess, but it does not have the power to drag down the US let alone other countries.
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>>btw bailing out Greece is small potatoes...
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>Correction, bailing out Greece when they were not a part of the Euro would've been small potatoes.
>If one bad apple spoils the whole bunch, what happens when you have five?

ROFL again.do continue ....btw by your own reckoning 3 bad apples not 5.
Please explain why the mess in California is a minor event but problems in Greece may bring down the Euro.. ?