Just recently today France lost its top credit rating by Standard & Poor to watch actually its AAA rating drop by one level while that Slovakia, Italy and Austria are among other countries to be downgraded and banks have suspended talks with Greece over debt restructuring.

Not forgetting that earlier today the S&P, Reuters and Dow Jones news agencies have several of the euro zone countries except Germany face an imminent downgrade which was no surprise as we should not forget that just this past month the S&P warned publicly that it could downgrade the credit rating of more than one euro zone nations in case that European leaders fail to solve their unending debt crisis at a meeting of EU leaders.