S&P mass downgrading of NINE of the Economically Ugly Eurozone.

Lucas Papademos,Vice President of the ECB and head of the Greek Central Bank when Greece joined the Euro and fellow culprit Jean-Claude Trichet, former head of the ECB.

The Standard and Poor's report is quoted here, the reality could not be more stark:

We have lowered the long-term ratings on Cyprus, Italy, Portugal, and Spain by two notches; lowered the long-term ratings on Austria, France, Malta, Slovakia, and Slovenia, by one notch; and affirmed the long-term ratings on Belgium, Estonia, Finland, Germany, Ireland, Luxembourg, and the Netherlands.

All ratings have been removed from CreditWatch, where they were placed with negative implications on Dec. 5, 2011 (except for Cyprus, which was first placed on CreditWatch on Aug. 12, 2011).

The outlooks on the long-term ratings on Austria, Belgium, Cyprus, Estonia, Finland, France, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain are negative, indicating that we believe that there is at least a one-in-three chance that the rating will be lowered in 2012 or 2013.

Where the depths of crisis first became clear more than two years ago, in Greece, the BBC News this morning is also reporting that the talks regarding a resolution of what is increasingly taking on the characteristics of a humanitarian disaster, have collapsed, as admitted by the appointed EU Governor of Greece Lucas Papademos at a televised dinner last evening, also reports here.

The incompetence of the leaders of the EU clearly places the entire economy of the world at risk, see this video report from India: