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TEL AVIV (Reuters) - Ratings agency Standard & Poor's put more pressure on the euro zone on Monday, with its chief economist saying time was running out for the currency bloc to resolve its debt problems and that it might need another financial shock to get it moving.
Jean-Michel Six, chief economist of the agency that shocked financial markets last week by putting 15 euro zone countries on a watch for a potential downgrade, said last week's EU summit agreement was a significant step forward, but not enough.
S&P usually takes around three months to act after a warning, but has said that in this case it may do so more quickly.
"There is probably yet another shock required before everybody in the euro zone reads from the same page, for instance a major German bank experiencing some real difficulties on the markets,casques beats pas cher, which is a genuine possibility in the near term," Six told a business conference in Tel Aviv.
"Then there would be a recognition that everybody is indeed on the same boat and that even German institutions can be affected by this contagion. I'm afraid this may still be required."
Twenty-six EU countries -- all, minus Britain -- agreed on Friday to go forward with further and deeper economic integration.
But the outcome has left financial markets uncertain whether and when more decisive action would be taken to stem the debt crisis,beat by dre, which began in Greece,casque dr dre pas cher, spread to Portugal,monster beats casque, Ireland, Italy and Spain and now threatens France and even economic powerhouse Germany.
Six said the summit had made progress "in terms of getting the governments mentally ready to commit in writing in some constitutional format to a medium-term fiscal strategy which would allow the ECB to become what it is not at the moment, at least officially, a lender of last resort."
Many market analysts believe that having the European Central Bank act as a lender of last resort, effectively bailing out countries that get in trouble, would solve the confidence issue facing the euro zone.
But leading power Germany is opposed,dr dre beats, fearing the impact on member states' fiscal discipline.
THREAT REMAINS
Six said S&P's downgrade threat was designed to send a strong signal that euro zone countries were facing significant risk of a major recession next year and a credit crunch.
He added that the credit agency would not base the downgrade decision entirely on the outcome of Friday's summit, saying there would be many other such gatherings before the crisis was resolved.
"Obviously we would never determine actions so important as rating actions based on just one summit. But we did say this summit was a very important step towards the resolution of this crisis of confidence."
A series of downgrades, taking the likes of France out of the top rated AAA category, has been priced in to some markets. But it still has the potential to shake prices.
"If we get an S&P downgrade, the markets will take another leg down," Said Eugen Weinberg, head of commodity research at Commerzbank in Frankfurt. "It has not been discounted yet."
A new tRBRreaty could take three months to negotiate and may require losable referendums in countries such as Ireland. Britain,casque monster beats by dre, the region's third largest economy, refused to join the other 26 countries in the fiscal union and was left isolated.
"Time is running out and action is needed on both sides of the equation, on the fiscal and monetary side," Six said.
(Additional reporting by Steven Scheer. Editing by Jeremy Gaunt)

By Edward Krudy
NEW YORK (Reuters) - U.S. stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain (GMCR.O) plunged after poor results.
Slower-than-expected growth in the dominant U.S. services sector drove the day's trading. The retail sector dragged the market lower after several chains, including Target Corp (TGT.N) and Gap Inc (GPS.N), fell after missing April sales estimates.
Market expectations for Friday's non-farm payrolls report have fallen this week. Traders now suspect the economy added 125,000 to 150,000 jobs in April, below a Reuters consensus forecast of 170,000. One trader said there had even been some talk of a number below 100,000.
Still,casque beats by dre studio, the S&P 500 kept up its flirtation with new four-year highs, although it has struggled to rise above resistance at the 1,400 level.
Ryan Larson, head of equity trading at RBC Global Asset Management, said muted reactions to recent signs of economic weakness suggest some investors are counting on more monetary stimulus from the Federal Reserve if the data gets worse.
"You are going back to 'bad numbers are good numbers'," he said, referring to the latest change in Wall Street's perception of discouraging data. "The market will believe that (Fed Chairman) Bernanke & Co will have to step in."
Shares of Green Mountain Coffee Roasters lost 47.8 percent to $25.87 a day after the company badly missed sales estimates for the second time in three quarters. The stock was the second-biggest drag on the Nasdaq 100 <.
The Dow Jones industrial average .DJI dropped 61.98 points,beats pas cher, or 0.47 percent, to 13,206.59 at the close. The Standard & Poor's 500 Index .SPX fell 10.74 points, or 0.77 percent, to 1,391.57. The Nasdaq Composite Index .IXIC lost 35.55 points, or 1.16 percent, to 3,024.30.
After the closing bell, LinkedIn Corp (LNKD.N) reported better-than-expected revenue and profit, racking up strong growth from services that help companies find and hire employees. The stock jumped 7 percent to $117.10 in extended trade.
With Thursday's decline, the S&P 500 has fallen close to its 50-day moving average of around 1,386.48. The benchmark index has retraced about 50 percent of its move off its closing low of 1,358.59 on April 10.
The S&P 500 slipped in April, the first monthly drop since November, on softening domestic data, coupled with flare-ups in the euro zone's debt crisis.
In Thursday's regular session, retail stocks fell after several large chains missed sales estimates in April. The results were a troubling sign for consumer spending.
Gap Inc (GPS.N) fell 1.6 percent to $28.67 while Target Corp (TGT.N) dropped 2.5 percent to $56.55. The S&P retail index .RLX lost 0.9 percent.
Initial jobless claims posted their biggest weekly drop since May 2011 and countered Wednesday's weaker report on private-sector hiring.
The Institute for Supply Management's report on Thursday showed the pace of growth in the large U.S. services sector slowed more than expected in April, with drops in both new orders and employment. That was in contrast to the ISM's report on Tuesday, which showed U.S. manufacturing activity picked up in April.
"This is a continuation of the volatility and fits and starts we've seen in economic data, and that's causing investors to take a wait-and-see attitude before tomorrow," said Chuck Carlson, chief executive of Horizon Investment Services LLC in Hammond,casques beats pas cher, Indiana.
General Motors Co (GM.N) lost 2.4 percent to $22.37 after analysts said the company's North America outlook implied results for the first nine months of the year would fall short of expectations.
Health Net Inc (HNT,monster casque beats.N) slid 24.9 percent to $27,casque beats monster.26 after profit missed expectations and the insurer cut its forecast. The Morgan Stanley healthcare payor index .HMO dropped 4 percent.
Of the 391 companies in the S&P 500 index reporting results, 68.3 percent have exceeded expectations, according to Thomson Reuters data through Thursday morning.
In the mergers-and-acquisitions arena, Dutch food and chemicals group DSM (DSMN.AS) agreed to buy medical device maker Kensey Nash Corp KNSY.O for $360 million. News of the deal drove Kensey Nash shares up 32.1 percent to $38.33.
Volume was 6.9 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE Amex,casque beats pas cher, above the daily average of around 6.76 billion.
Decliners outpaced advancers by a ratio of 7 to 3 on the NYSE, while on the Nasdaq, three stocks fell for every one that rose.
(Editing by Jan Paschal)

Shares of Barrick have risen just 3.9 percent since the market close on January 15, 2009, the day before Aaron Regent took over as Barrick CEO. By comparison, the S&P/TSX Global Gold Index, which includes Barrick, has risen 18.8 percent in the same period.
Barrick's shares, which rose 2.1 percent to C$44.63 on Toronto Stock Exchange after Wednesday's open, were hit particularly hard in the aftermath of its C$7.3 billion ($7.02 billion) takeover of Equinox Minerals.
The deal boosted the company's exposure to the cyclical copper market without adding gold assets. Some shareholders saw that as a misstep.
"It could be that they're looking for a fall guy after the disastrous Equinox acquisition, which we believe they overpaid for by about 50 percent," said George Topping, a mining analyst at Stifel Nicolaus,casque beats pas chere, an investment banking and brokerage firm in Toronto.
The Lumwana copper mine in Zambia,dr dre beats, acquired as part of the Equinox takeover, has struggled with high costs and operational hiccups.
Topping speculated that the company could have more bad news to come.
"You've got to ask yourself, why now?," he said. "Does it mean perhaps that there's more problems, particularly with the Equinox assets,beats by dr dre, that are still to come?"
Analysts and investors have said the stock's lackluster performance may also reflect what they consider to be an insufficiently generous dividend. Gold miners, reaping record profits on the high price of gold, are facing mounting pressure to give more back to shareholders.
Toronto-based Barrick, which was not immediately available for further comment, said in a statement that Jamie Sokalsky would replace Regent as president and CEO and on the Barrick board of directors,beats dr dre, effective immediately.
"We are fully committed to maximizing shareholder value, but have been disappointed with our share price performance. Our board has every confidence in Jamie's experience and commitment to take our company forward," founder Peter Munk said in the statement.
Sokalsky joined Barrick as treasurer in 1993 and became CFO in 1999. He previously worked at grocery holding company George Weston Ltd for 10 years.
Barrick named an existing director, John Thornton,casques beats, as co-chairman of the board, a role he will share with Munk.
African Barrick Gold (ABGL.L), Barrick's 74 percent-owned Africa-focused subsidiary,casques beats by dre, said its parent would nominate a replacement to its board after Aaron Regent's departure. Regent was non-executive chairman of ABG.
(Reporting By Euan Rocha and Julie Gordon in Toronto, Clara Ferreira-Marques in London; Editing by Janet Guttsman)

Greece was forced to call the new June 17 vote after an election on May 6 left parliament divided evenly between groups of parties that support and oppose the austerity conditions attached to a 130 billion euro bailout agreed with the European Union and International Monetary Fund in March.
The failure of the two parties that dominated Greece for decades - conservative New Democracy and Socialist PASOK - to win a pro-bailout majority, and the success of the anti-bailout radical leftist SYRIZA party which came second,casques monster beats, have sent shockwaves through Europe.
Of three polls published on Friday,casque beats pas chere, two put anti-bailout SYRIZA ahead but two of the polls showed gaps of less than 2.2 percentage points between SYRIZA and New Democracy.
Greek election rules give the party that comes first an automatic bonus of 50 seats in the 300-seat parliament,dr dre beats, so that even a slim advantage could play a decisive role in determining which party forms the next government.
A poll by VPRC for the Kontra TV station showed SYRIZA was ahead with 28.5 percent of the votes,casque beats dr dre, and the pro-bailout New Democracy second with 26 percent.
Another poll earlier on Friday by RASS for the Metro newspaper showed New Democracy was ahead with 23.6 percent of SYRIZA with 21.4 percent,casque dr dre pas cher, while a third poll by Metron for TV station Antenna showed a narrower gap with 27.2 percent for SYRIZA and 27 percent for New Democracy.
The Socialist PASOK, which also backs the international bailout keeping Greece afloat,beats by dre pas cher, remained steadily in third place in all three polls.
New Democracy and PASOK will be trying to scare voters who punished them in the last election into returning, arguing that electing SYRIZA leader Alexis Tsipras would mean the end of Greece's euro zone membership.
Polls since the May 6 election have shown SYRIZA, New Democracy and PASOK improving their performance at the expense of smaller parties.
An overwhelming majority of more than 75 percent of Greeks want to stay in the euro, but two thirds oppose the bailout, which came with harsh salary, pension and job cuts.
EU leaders have warned Greece that if it renounces the bailout they will pull the plug on funding, leading to rapid bankruptcy and an exit from the single currency.
(Reporting by Karolina Tagaris, editing by Tim Pearce)