After the downgrades, now what for the Eurozone? Obviously, Merkel is still "out to lunch:"
Merkel says eurozone must act fast - FT.com: "German chancellor Angela Merkel has called on eurozone governments speedily to implement tough new fiscal rules after Standard & Poor’s downgraded the credit ratings of France and Austria and seven other second-tier sovereigns."
In other words, more "punishment" for the non-German Europeans (Greece, Italy, Spain, Portugal, Ireland, et al). How much more they can take only time will tell. But the inescapable truth is that the policy of austerity is a disaster. Austerity = Contraction. And Europe will continue spiraling down . . .
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