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Credit rating agency says move prompted by economic recession and government austerity measures that have hurt demand.
Berlusconi says the Moody's decision to cut bond ratings by three notches was expected.
Bank of America among those affected, as credit rating agency says US government less likely to fund future bailouts.
Credit rating of Societe Generale and Credit Agricole cut by Moody's because of their exposure to Greek debt.
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Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Israel's Operation Protective Edge is the third major offensive on the Gaza Strip in six years.
Muslims and Arabs in the US say they face discrimination in many areas of life, 13 years after the 9/11 attacks.
At one UN site alone, approximately four children below the age of five are dying each day.
 
 
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