Merkel says EU ready to act as Spain downgraded - Yahoo! News:
Yahoo News reports: "Speaking after talks in Berlin with British Prime Minister David Cameron - who called for 'urgent action' to tackle the debt crisis - Merkel said Germany stood ready, alongside the other 16 euro zone countries, to do whatever was necessary [...] As the EU's biggest economy and largest contributor, Germany holds the key to how the bloc comes to Spain's rescue, and whether Europe is able to agree on a banking union with a joint deposit guarantee and a bank resolution fund, as envisaged by the European Central Bank and the European Commission."