The three most influential ratings agencies today issued a sweeping downgrade of all Eurozone members' sovereign debt to Africa+, with a negative outlook.
"I see Mugabe running the ECB by 2013" says Cory Rogers of BS Capital. He thinks "creditors trust German East Africa, not Germany." He is trading Bunds for Burundi Bonds. "Betting Italy's headed for Ethiopia" fits his firm's historic models.
Europe is expected to continue to head south, despite contrary tectonic forces.