DEBT CEILING: Moody's Warns Of Downgrade, UBS Warns Of Armageddon, And There's No Sign Of A Deal

Wanted to give you a quick update on the debt ceiling.

• First, an update on this morning's story... POLITICO had reported that the next three days are going to be huge and could decide the fate of the whole debate. Well, we hear from a Capitol Hill source that nobody believes this is going to happen. They're not anywhere close to a deal  on any aspect of it.

• Meanwhile, Moody's just came out and made some more comments about the frailty of the us AAA rating. Even a temporary, small hike might not be enough to avoid a downgrade. Also, failure to strike a big budget cutting agreement might also prompt a downgrade. Oy!

• Finally, FT Alphaville reported on a UBS report which basically said: If we don't get a deal by August 2, it's Armageddon. They say that the idea of prioritizing Treasury coupons won't work.

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See Also:

• The Entire Fate Of The Debt Ceiling Could Come Down To The Next Three Days

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Futures Keep Falling Off A Cliff Tonight, And There's A Report Of A Brand New Hole In The Greek Austerity Plan

After today's late-day selling, futures continue to fall off a cliff.

Here's a look at S&P futures, via FinViz:

Meanwhile, there are reports of fresh troubles in Greece.

Journalist Matina Stevis -- who's been very reliable on all matters Greece -- says on Twitter that there's a "hole" of some sort in the Greek medium-term fiscal plan, meaning (presumably) that it doesn't cut as much as originally promised.

The next few days are going to be a bear for Greece watchers, as the austerity vote draws near (it's currently scheduled for next week). It's assumed that it will be tougher than the vote yesterday, and it's also totally crucial.

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See Also:

• Why The Divide In Greek Politics Is Looking Very American
• Spanish Central Bank Chief Is The Latest To Say A Greek Debt Restructuring Would Be A "Disaster"
• Goldman's Quick Take On Greece: A March Toward A Managed Deleveraging

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