Monday - S&P sovereign ratings massacre threat

S&P issued a sovereign ratings massacre threat as the rating agency has placed all 17 euro nation under review for possible downgrades. There are six AAA-rated EU countries that have been placed on negative outlook. In a highly political move, S&P sends a signal that if something is not done with controlling debt, countries will lose their ratings. While those countries that have lost their AAA ratings have seen large changes in their funding costs, this will be a significant wake-up call of Germany and France to reach some type of debt arrangement and broader fiscal union.