The signs have been pointing to this for weeks, but the moment of truth--and the possibility of default--seems to have concentrated the European mind, precipitating a mild panic. If I had a working Internet connection, I'd know more about the French reaction, but I'm on a borrowed node with a seminar awaiting, so this will be another short post. Perhaps Comcast will have remedied the situation by the time I return home, but I have begun to feel that the company is run by refugees from the Soviet bureaucracy.
Whoops--just heard that S&P has downgraded Spain from AA+ to AA. Après ça, le déluge.