As expected, yesterday's European wide dead cat bounce has come to an end as the moggies have come crashing back to earth.
The markets have concerns over the details of the EU/IMF rescue fund to prevent the Greek debt crisis spreading across Europe. Aside from the doubt as to whether the package will be enough to allow smaller eurozone countries to ease their debts, there is also the rather large elephant in the room:
"Where exactly is the money coming from if countries have to be rescued?"
To add to the gloomy mood, Moody's stated that it is considering downgrading Greece by another notch and cutting Portugal's rating.
Oh, and in case anyone has forgotten, the UK has yet to form a government.