CONTRA LAS U.S. BASED RATING AGENCIES

EUROPE: Agency Threatens Spanish Downgrade

Credit rating agency Moody's put Spain's Aa2 credit rating on review for a possible downgrade, puttingfurther pressure (Guardian) on European markets, even as they face unease amid a continued U.S. stalemate over raising the country's debt ceiling.

U.S.-based rating agencies -- still reeling from financial-crisis criticisms -- are under fire from the EU for being too aggressive, though many experts say complaints are unjustified, says this CFR Backgrounder.

France: French Finance Minister François Baroin called for the new Greek bailout (FT) plan to be implemented quickly by the seventeen-nation eurozone in order to limit market speculation and further sovereign debt contagion.