Greece has tonight officially become the first Eurozone country to have its debt downgraded to junk level.

Portugal’s debt has also dropped a grade downwards on fears the trouble could spread. Western stock markets stumbled, and then fell sharply.

As The Slog predicted eleven days ago, it’s no longer just looming Greek debt repayments that might have to be rescheduled. The big fear of every lender and credit manager around the Globe is that the Government in Athens will simply default. Then it’s not that folks will have to wait for repayment: it’s that they won’t get anything.

So in this scenario. you wouldn’t want to be the Spanish Government right now. For the Spaniards are doomed to suffer from ‘twice shy – never again’.