Like Germany, the Netherlands, Finland and Luxembourg still hold AAA ratings. But Finnish Foreign Minister Erkki Tuomioja says the new rules - set out in the EU fiscal treaty - are more about "Germany's domestic policy needs".

Luxembourg Foreign Minister Jean Asselborn is said to consider the new treaty a "waste of time".

In common with France, Austria has seen its AAA rating downgraded and backs a stronger bailout firewall.

Italian PM Mario Monti is critical of Germany's focus on deficits, arguing that growth is essential to cut debt.

Greece, Ireland and Portugal have all received EU/IMF bailouts.

Of all 27 EU states only Ireland may have to hold a referendum on the new fiscal treaty. Greece, desperate to avoid defaulting on its debts, has rejected German proposals for an EU commissioner to have veto powers over its budget. Athens' position is backed by Luxembourg and Austria.

Slovakia has backed a call by three neighbouring non-eurozone states to be involved in eurozone summits.

Cyprus, its banks heavily exposed to Greece, has seen its credit ratings fall, as has Slovenia.

Spain's new centre-right Prime Minister Mariano Rajoy, struggling with five million unemployed, has vowed to cut Spain's deficit.