Death By a Thousand Cuts

The slow torture death of the Eurozone continues, with the announcement by Fitch that they have cut the long-term sovereign credit ratings on Spain to 'AA-' from 'AA'.

There is a G20 meeting in Paris today, at which the Euro crisis will be discussed. However, those who expect some form of coherent plan to be announced will be severely disappointed.

Angela Merkel is playing down expectations of a quick solution to the eurozone crisis,  in her view the euro crisis cannot be solved overnight and there is no "big bang" solution.

Had the Eurozone "leaders" put some effort into resolving this mess last year, then one might have had some sympathy/respect for her view. However, the situation is critical, the markets are ahead of the curve whilst the politicians are months behind it.