Spain credit rating downgraded

I mentioned this earlier.

AFTER GREECE AND PORTUGAL, today it's Spain's turn: S&P has just downgraded Spain's rating to AA. Reading the press release is to weep (reg req, but it's quoted at length at the link). And, meanwhile, the Zapatero government is doing nothing, not even the few things he announced he would do. ZapaNero fiddling while Madrid burns. Even yesterday, when it was revealed that unemployment had reached a staggering 20.05%, he said in Parliament that the economy had started going upwards. He's the Spanish version of Baghdad Bob. And we know how well it ended for that one.