"P is for Portugal. And Problems."

Just when investors thought it was safe to stop worrying about Europe, Wall Street got a reality check from credit rating agency Fitch. Stocks dipped Wednesday morning and the primary reason was Fitch's downgrade of the default ratings of Portugal, which is a member of Europe's debt-ridden PIIGS club.

Since Portugal, like Greece, is a member of the group of countries that use the euro currency, any problems with one euro constituent -- let alone five -- can spread and have a disastrous effect on the entire currency.

All of this is making investors increasingly nervous and helped push the euro down Wednesday to its lowest level against the dollar in ten months. It is even making some wonder if the euro is now as toxic an asset as subprime mortgages were at the height of the credit crunch.
CNN Money