Some bad news for our Dutch readers: AAA-rated Netherlands, which had until now been perceived together with Germany, as one of the two truly core countries of Europe, has just been expelled from the exclusive club by Citi's Jurgen Michels, a move which will likely be bandwagoned shortly by other sellside analysts, and within 3-6 months, the rating agencies as well, because as of now Holland's "untouchable reputation has been tarnished.