9 euro zone countries have had their credit ratings downgraded.
I think the euro is sinking and the UK needs to look towards its Anglosphere friends and away from this mess.
More downgrades are on their way.
NEW YORK (CNNMoney) -- Standard & Poor's said Friday that it has downgraded the credit ratings of nine euro area governments, including AAA-rated France and Austria.
S&P lowered its rating for Italy, Spain, Portugal and Cyprus by two notches. The move means Italian bonds are now rated BBB+, dangerously close to the junk bond level that could make it even harder for the government to raise money.
France and Austria both had their top-tier credit rating lowered by one notch to AA+, said S&P. But Germany, Finland, the Netherlands and Luxembourg all maintained their AAA ratings.
S&P cut the ratings of Malta, Slovakia and Slovenia by one notch.
It's not clear how hard the downgrades will hit markets. Investors have been expecting S&P to act for weeks now -- a fact that could blunt the impact. At the same time, downgrades could scare off investors in European debt and raise the cost of government borrowing.
S&P said the downgrades reflect a combination of economic and financial challenges, as well as "an open and prolonged dispute among European policymakers over the proper approach to address challenges."