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S&P downgrades nine Eurozone nations and their bailout fund as crony capitalism crumbles TweetPin It(NaturalNews) Just when you thought things couldn't get worse for debt-ridden Europe, they have.Last week, ratings agency Standard & Poor's downgraded the credit ratings of nine European nations. Then this week,[link widoczny dla zalogowanych], as if to add insult to injury, S&P downgraded Europe's bailout fund, saying in essence that even the fund set up to shield other nations from the debt crisis is in financial trouble. Check and mate.It was an unprecedented move, with France and Austria having their top-tier ratings lowered a notch to AA+, while S&P downgraded Italy,[link widoczny dla zalogowanych], Spain,[link widoczny dla zalogowanych], Portugal and Cyprus by two notches and Malta, Slovakia and Slovenia by one notch apiece. The move was especially daunting for Italy,[link widoczny dla zalogowanych], because it put Italian bonds at BBB+, moving them perilously close to junk-bond level and making it harder for the government to raise money.But look,[link widoczny dla zalogowanych], it's not like the downgrades weren't a long time in the making. Socialist