AUDIO: Germany 'will get pulled in' to recession

Bloomberg reports S&P Downgrades Spain, Citing Region Backtracking on Bank: Spain’s debt

Moody's downgraded Credit Agricole, BNP Paribas, and Societe Generale today. This is fresh on the heels of a September downgrade of Credit Agricole and Societe Generale in September. Please consider French bank ratings downgraded again by Moody's Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money. The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1.

Slovenia, like Hungary is on the brink of fiscal disaster. Unlike Hungary, Slovenia is in the Eurozone. The Guardian reports Slovenia scrambles to avoid economic crash as Zoran Jankovic, leader of largest party, fails to form a government to deal with debt issues.

In the wake of S&P debt downgrades, Merkel vows faster eurozone reforms. European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.

Ratings agency Moody's cuts the credit ratings on 26 Italian banks, including Italy's largest lenders Unicredit and Intesa Sanpaolo.

Mining-driven Australia on Thursday hailed Moody's decision to affirm the country's triple-A credit rating, calling it a "resounding endorsement" of its recession-beating economic resilience.Treasurer Wayne Swan said the agency's praise of Australia's very low public debt and strong financial system showed the resources-rich country was well positioned to weather turbulence from the eurozone debt crisis.