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Syndicated loans of speculative-grade borrowers down 1.22% in May.
Significant changes needed in tax and spending policies, agency says.
If Germany doesn't agree to eurozone bonds, there are other possible compromises.
Fund would issue up to $20 bln of commercial paper; take bank assets as collateral.
Montoro says European institutions should help shore up Spains banks.
Closer cooperation possible to deal with banking troubles, finance minister says.