In November I wrote that the European Financial Stability Facility (EFSF) was a "busted flush".
It would seem that S&P agree with me, as they have downgraded its AAA rating by one notch. This downgrade, although fully expected, has sent Eurocrats into a panic.
Klaus Regling, chief executive of the EFSF, is now in Singapore begging (not asking) them for money to prop up this failed mechanism.
My advice to the good people of Singapore is simple, don't waste your money on this busted flush.
Meanwhile Regling is trying to put a brave face on things, by claiming that this downgrade doesn't matter; so long as no other agency downgrades it.
The reality of course being that another agency will downgrade the EFSF.