Emergency loans could total $123 bln; governments aim for direct loans.

German finance minister says financial markets will calm in 1 to 2 years.

German finance minister says financial markets will calm in 1 to 2 years.

S&P downgrades France, Spain, Italy, Austria.

S&P downgrades France, Spain, Italy, Austria.

German chancellor argues against using central bank as crisis backstop.

German chancellor argues against using central bank as crisis backstop.

Dispute centers on the ECB's role in the rescue plan.