S&P have downgraded their rating of Italian Sovereign Debt. This was entirely predictable and will not be the last Sovereign debt downgrade of an European country.
Whilst the Euro Zone could afford to bailout Greece and Portugal as well as Ireland, it cannot afford to bail out Italy and Spain. But don't let that persuade you that the EU is in terminal decline. The Euro-fanatics will use the EU Sovereign Debt crisis as a reason to push for even more 'ever closer union'. The EU is all about a transfer of power away from sovereign independent countries and towards the EU. No event can ever persuade the EU that less integration is the answer, the answer is and will always be more integration.
Whilst the Euro Zone could afford to bailout Greece and Portugal as well as Ireland, it cannot afford to bail out Italy and Spain. But don't let that persuade you that the EU is in terminal decline. The Euro-fanatics will use the EU Sovereign Debt crisis as a reason to push for even more 'ever closer union'. The EU is all about a transfer of power away from sovereign independent countries and towards the EU. No event can ever persuade the EU that less integration is the answer, the answer is and will always be more integration.
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