throughout the region like a virus, leading to sniping among governments, and now goes well beyond the initial trouble spots of Greece, Ireland and Portugal. Spain is the focus - Moody's Investors Service downgraded 28 Spanish banks late yesterday - and Italy is also in the crosshairs. To date, the region's leaders have been unable to halt the contagion. "The downgrade also reflected concerns that Spanish banks exposure to a deteriorating housing markets, in the face of a deteriorating economy and rising unemployment, would reflect badly on the quality of its loan books, which in turn would mean that they could well need further financial assistance," senior analyst Michael Hewson of CMC Markets said of the move by Moody's. "The problem facing Spanish banks, which is again being reflected in rising Spanish bond yields, is that no one is clear on how much bailout money Spanish banks will end up needing, despite Spanish Finance Minister Luis de Guindos finally getting around yesterday to finally requesting access to the EU's offer of _100-billion of loans for its ailing banking sector," he added. Court rules on suits The Ontario Court of Appeal has ruled that two massive class action lawsuits that allege employees of Bank of Nova Scotia and Canadian Imperial Bank of Commerce were unfairly denied overtime pay can go ahead, The Globe and Mail's Jeff Gray reports. The allegations have not been proven, but the Court of Appeal ruling allows them to proceed as class actions. Photos Enjoy the convenience