- Tightening credit conditions across the eurozone;
- Markedly higher risk premiums on a growing number of eurozone sovereigns, including some that are currently rated 'AAA';
- Continuing disagreements among European policy makers on how to tackle the debt crisis;
- High levels of government and household indebtedness across a large area of the eurozone;
- The rising risk of economic recession in the eurozone as a whole in 2012.
If you don't like the message, gag the messenger.