The only problem I see is that the downgrades were just to low and not complete enough It still is completely ok to downgrade the EFSF. It's simly a package of lies. It's good hat this lies are not bought by the rating club. You can see how well...
One just can say the break-down runs in direct confirmation of Mises predictions but also "Atlas shrugged". People start to sell off bonds from nearly any EU country. Believe it or not Germany is not among them. Quite the opposite, the spreads...