The 9 European downgrades obscure the BIG story: Greek talks collapse

The S&P decision, however, may not even be the biggest source of anxiety. Talks between Greece and its private-sector creditors on the losses these should bear broke down on Friday afternoon. This failure raises the spectre of a messy Greek default. In such circumstances, investors might take a hint from the revised S&P ratings. If things go horribly wrong, Germany is now the only big euro-area bond market in which investors’ money might be considered truly safe.

SOONER OR LATER - AND BY THAT I MEAN SOONER - THE EURO IS KAPUT. FOLKS WITH EURO'S SHOULD BE BUYING DOLLARS AND GERMAN BONDS.