Baa to the Euro

Moody's downgraded Spain's sovereign debt three notches from A3 to Baa3 ... just one grade above "junk status"

If the Titanic sinks, it takes everyone with it, even those travelling in first class

Spain appears about to follow Greece down the gurgler. Greece is arguing over the musical accompaniment, whilst Spain is furiously rearranging deckchairs. Other PIIGS watch on in awe.

Both have hit icebergs, it's now just a race to the bottom. Betcha Key's sphincter is puckering!