The market seems to have largely ignored France's loss of its triple-A rating.
Friday's downgrades of France and other European countries were not unexpected, so markets had already accepted them and saw no need to worry too much.
There will be a number of European government bond auctions this week, but most importantly Greece will continue to try to make a deal with private creditors.
A possible deal with private investors, known as Private Sector Involvement (PSI), would see the government swapping its bonds for new ones that would be worth less than the original, raising expectations that private investors would lose at least €100 billion.
PSI talks collapsed on Friday after failure to reach agreement on the interest rate for these new bonds and the law that would apply to them.
But as time passes, the situation in Greece continues to deteriorate, PSI is not a fundamental solution, and by the time negotiations take place it will already be too late for any solution.
Meanwhile, as in Ireland last week, the Troika (European Union, ECB and IMF) are due to visit Greece tomorrow to carry out a review to see whether Greece's austerity plans have left enough people unemployed.
But the stakes are particularly high this time, with the Troika making it clear that no further financial aid will be accepted unless Greece succeeds in reaching an agreement under the PSI.
So while markets have shrugged off the downgrades of France and eight other countries, Greece remains the most direct trigger of the outbreak.
