Euro Concordia

Yesterday, on the same day as the French AAA credit rating and the ratings of many other European countries were downgraded, the Costa Concordia cruise ship nearly sunk off the coast of Italy. According to a BBC report:

"We were having supper when the lights suddenly went out. We heard a boom and a groaning noise. All the cutlery fell on the floor," Luciano Castro told Italy's Ansa news agency.

The passenger said people were told there were electrical problems.

Others described chaotic scenes as the liner began to move violently.

"The boat started shaking. The noise - there was panic, like in a film, dishes crashing to the floor, people running, people falling down the stairs," said survivor Fulvio Rocci.

Those on board said the boat suddenly tilted to the left.

Cabin steward: 'We jumped into the sea'

"We told the guests everything was ok and under control and we tried to stop them panicking," cabin steward Deodato Ordona recalled.

It was about an hour before a general emergency was announced, he said."

With the deepest respect and sympathy for the accident victims and their families this reads uncannily like a report from the euro crisis.