The big European news of the day came from IMF headquarters in Washington. The IMF announced it had begun discussions with members about raising an additional $500 billion for the fund. The IMF believes it needs $1 trillion on hand, according to its statement.

"Based on staff's estimate of global potential financing needs of about $1 trillion in the coming years, the Fund would aim to raise up to $500 billion in additional lending resources. This total includes the recent European commitment of about $200 billion in increased Fund resources."

This led to the quote of the day (courtesy Daily Telegraph) from the IMF's Olivier Blanchard:

"Post the 2008-09 crisis, the world economy is pregnant with multiple equilibria—self-fulfilling outcomes of pessimism or optimism, with major macroeconomic implications."

Given the hysteria that greeted the announcement that Standard & Poor's was taking away France's AAA rating (along with that of Austria leaving Germany the only euro zone country with the top rating) - at least in the press - you might have thought the euro zone crisis was going to explode again. Not so.

That isn't to say some political leaders weren't angry. Spanish Prime Minister Mariano Rajoy was, following Spain's downgrade to A from AA-, according to this headline in El Pais.

Rajoy to Standard & Poor's: we don't need economic lessons:

"My government knows perfectly well what it needs to do to improve Spain's reputation, stimulate growth and create jobs," PM fires back after rating downgrade.

Rumors first: Yesterday, France was assured by Fitch ratings service it would keep its AAA rating for the rest of the year. Today French finance minister Francois Baroin was forced to knock down rumors that one of the other agencies has notified him that they intend to downgrade France anyway.

"False" was the word Baroin used to describe the rumors.