Euro Plunges On Fitch Double Tap, Comments From Merkel

In another theater of the absurd example, there are analysts out there who are actually claiming they didn't see this coming:  the downgrading of Spanish and Italian sovereign debt by the credit ratings agencies.  Really? 

http://www.zerohedge.com/news/euro-plunges-fitch-double-tap-comments-merkel

http://www.zerohedge.com/news/and-spain-fitch-downgrades-spain-aa-aa-two-notch-cut-outlook-negative 

http://www.zerohedge.com/news/fitch-downgrades-italy-outlook-negative