By timing the downgrades of nine Eurozone countries till after close of the New York market, the ratings agencies have delivered a coup d'grace, I suppose.
They had been suggesting they were going to downgrade certain countries' ratings for nearly two months, a practice which should really not prevail, but as this is the communications age, all fair comments go.
As most of such news had been factored in, it will have a mild impact on the markets.
The markets in Europe may open down tomorrow.
But as the ratings agencies look at a set of three figures and extrapolate from there,
if the signs are bad, the prediction becomes worse, if it's good it becomes better,
without allowing for the fact that markets are international, and something will save the day, be it investments from Asia or America or the nation's system.
The downgrades may be a little bit painful, save for the fact that if countries with good ratings have to be downgraded, how about the rest of the countries? If other countries have too been affected likewise, something will balance and return all countries to a kind of relatively similar standing as before.
If all the countries put into effect job and business and wealth creation measures, in due time they may come up with a coup d'esteem.
Let me know your views.