The European Commission on Friday, Sept. 23 denied a press suggestion that it plans to speed up recapitalization of banks, as Moody's ratings agency downgraded eight Greece lenders by two notches and France's market regulator said between 15 and 20 European banks would require a new capital infusion.

Citing an unnamed senior French official, the Financial Times reported Friday that the EU may speed up recapitalization of the 16 banks that barely passed the last round of pan-EU stress tests last summer with core tier one capital ratios of 5% to 6%. They were given until April 2012 to shore up their capital buffers.

The eight lenders -- or nine, if one includes Germany's Landesbank Hessen-Thüringen, or Helaba, which dropped out at the last minute-- that failed the test were ordered by the European Banking Authority to have recapitalization plans ready by mid-October.

The London-based agency, a new EU financial watchdog that began operations in January, scrutinized a total of 91 European banks.

Speaking to journalists in Brussels on Friday, European Commission spokesman Olivier Bailly said there were no plans to push up the deadlines set by the EBA nor any need to recapitalize lenders beyond those identified in the stress test.

"We know which European banks have to be recapitalized, and we are in discussions with them," said Bailly. "You don't need to believe all the rumors that ... the whole system needs recapitalization."

Bailly added that the recapitalization of European banks has been "ongoing" since the start of the financial crisis in 2008. Since that time,  European lenders have received more than €420 billion ($565 billion) in combined state aid and private investment, according to the Commission.

"The European Union," he said, "has established mechanisms to ensure that if there were to be further recap it can be done in an effective and rapid manner."

In an interview with local radio France Inter on Friday, Jean-Pierre Jouyet, the head of AMF, the French securities regulator, said between 15 and 20 European banks needed recapitalization. Assessing the global landscape, he said, "We face a risk of systemic crisis."

Separately on Friday, Moody's Investors Service downgraded eight Greek banks by two notches citing their holdings of Greek government bonds and "fragile" liquidity and funding positions. The downgrades hit National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank, now rated B3, as well as Emporiki Bank of Greece and General Bank of Greece, now both at B1.

"Although the capital position of Greek banks appears adequate ... Moody's believes that solvency levels are at risk from further writedowns on their Greek government bond holdings," Moody's analysts said in their report.

There are also growing concerns about banks elsewhere in Europe with large holdings in Greek sovereign debt or large stakes in Greek lenders, as the country continues to hover dangerously near defaulting on its sovereign debt.

"The eurozone economy has stalled and as the recent financial stresses feed into the real economy, it is likely to get worse still," HSBC analysts warned a note to investors Thursday. Interestingly, as analysts at Credit Suisse consider the debt crisis and weakening economies, in a Friday note they see only a 10% chance that the eurozone will break up.

Debt inspectors from the International Monetary Fund, the European Central Bank and the European Commission - collectively known as the troika - are scheduled to return to Athens next week to complete their review of Greece's progress on economic and fiscal reforms and decide whether it should receive the next loan payment. Without it, Greece risks running out cash as soon as next month.