S&P cut Greece and Portugal yesterday, followed by Spain today, so who's to say Italy and Ireland's ratings won't be on the chopping block tomorrow? I imagine, in the future, that EU member states will crack down earlier and harder on countries that dig themselves too deeply into debt, and the ECB will continue to use inflation as the primary target of its monetary policy. If the contagion takes hold and EU member states, driven by political pressures at home, can't come together, more trouble could be ahead.