Fitch Downgrades 5 Eurozone Countries

Ratings agency Fitch downgraded the credit ratings of five eurozone nations Friday; Italy, Spain, Belgium, Cyprus and Slovenia.

Fitch blamed the revisions on "the marked deterioration in the economic outlook" in Europe and "the absence of a credible financial firewall against contagion and self-fulfilling liquidity crises".

Rival rating agency Standard & Poor's downgraded nine eurozone countries two weeks ago, saying European politicians weren't doing enough to address Europe's debt crisis.

European politicians will however never be able to address the problem properly.

The E.U. President lacks political power, and whatever he says will not be taken seriously in Spain, Cyprus, or in Slovenia.

And if you ask people there, they have probably never heard of him...

The different European nations are waiting for the result of the upcoming U.S. Presidential election before addressing the debt problem.

After the election, the eurozone nations will adjust their domestic financial policies more or less independently of each other.