Initially, the projected revenue for Scotland - and hence the cut in block grant - would be calculated by the Treasury with an initial guarantee of financial stability.

BBC: Beware of Greeks bearing gifts

The downgrades may only have a limited initial impact neither French government nor European Financial Stability Facility bonds have traded like Triple-A credits for months but they sow the seeds for what may be the next big challenge since they are likely to be followed by downgrades by other credit-rating companies in the coming months, dragging down average ratings.

WSJ: Agenda: Greek Situation Is Most Serious of Latest Euro Crisis

As the markets settled their initial nerves after this week's dramas, investors seemed to be signalling again that they would put stability above all else.

ECONOMIST: Russia