But it is negative for the strong credits in Europe, like Germany.

Lowest common denominator? Sounds like it too me.

Moody’s also discovers what the we saw on Saturday. That this crisis response is an important step toward a common European treasury, like it or not.

Liquidity concerns have been alleviated by the package, Moody’s says.

EUR/USD has dipped back below 1.2700, now at 1.2692.