Euro sovereign debt yields had more than baked in S&P's latest downgrades (I, II), says...

|By:, SA News Editor

Euro sovereign debt yields had more than baked in S&P's latest downgrades (I, II), says Mohammed El-Erian, but that doesn't mean they don't matter. The moves could encourage other agencies to follow, and stand to alter investment flows. El-Erian's broader thesis: "the balance of risks is to the downside, for Europe and for the global economy."