The S&P downgrades of France and other Eurozone governments were worse than many expected, but they were expected.
What's most interesting, to me, is not the fact that S&P has done this, but the stated reason.
Why? Because, in essence, a major ratings agency has now joined the side of those who say fiscal austerity, as the central plank of the response to the eurozone crisis, is doing more harm than good.
The company's statements explaining its various decisions are worth reading in full.
About StephanieStephanie has been a reporter at the New York Times (2001);
a speech writer and senior advisor to the US Treasury Secretary (1997-2001);
a Financial Times leader-writer and columnist (1993-7);
and an economist at the Institute for Fiscal Studies and London Business School.
She became BBC economics editor in April 2008.
She has won numerous awards, including the 2010 Harold Wincott Award for online journalism.
Her father was Michael Flanders, of the 1950s and '60s musical comedy duo, Flanders and Swann.
Jfr Birgitta Ohlsson, EU-minister