Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 6 dia(s) 02/01 Pesquise 02 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Angela Merkel e Nicolas Sarkozy agendam nova reunião para discutir a crise na zona do euro |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 5 dia(s) 03/01 Pesquise 03 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2389.90 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 5 dia(s) 03/01 Pesquise 03 de Janeiro/2012Pesquise o ano 2012 Assume cargo Jurídico União Europeia Krzysztof Wojtyczek assume o cargo de juiz da European Court of Human Rights |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 5 dia(s) 03/01 Pesquise 03 de Janeiro/2012Pesquise o ano 2012 Nomeação/Contratação Economia União Europeia O belga Peter Praet é nomeado economista-chefe do Banco Central Europeu |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 4 dia(s) 04/01 Pesquise 04 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2349.88 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 4 dia(s) 04/01 Pesquise 04 de Janeiro/2012Pesquise o ano 2012  Diplomacia União Europeia União Europeia decide embargar petróleo do Irã |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 3 dia(s) 05/01 Pesquise 05 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2315.75 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 2 dia(s) 06/01 Pesquise 06 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia A diretora-gerente do FMI, Christine Lagarde, rejeita fim do euro em 2012. |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 9 mes(es) 2 dia(s) 06/01 Pesquise 06 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2298.64 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 29 dia(s) 09/01 Pesquise 09 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2286.44 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 28 dia(s) 10/01 Pesquise 10 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2347.46 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 27 dia(s) 11/01 Pesquise 11 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2339.51 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 26 dia(s) 12/01 Pesquise 12 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2345.85 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 25 dia(s) 13/01 Pesquise 13 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia A agência de qualificação de risco Standard & Poor´s rebaixa a nota de países europeus | "Standard & Poor's Ratings Services today announced its rating actions on 16 members of the European Economic and Monetary Union (EMU or eurozone) following completion of its review.
We have lowered the long-term ratings on Cyprus, Italy, Portugal, and Spain by two notches; lowered the long-term ratings on Austria, France, Malta, Slovakia, and Slovenia, by one notch; and affirmed the long-term ratings on Belgium, Estonia, Finland, Germany, Ireland, Luxembourg, and the Netherlands.
All ratings have been removed from CreditWatch, where they were placed with negative implications on Dec. 5, 2011 (except for Cyprus, which was first placed on CreditWatch on Aug. 12, 2011).
The outlooks on the long-term ratings on Austria, Belgium, Cyprus, Estonia, Finland, France, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain are negative, indicating that we believe that there is at least a one-in-three chance that the rating will be lowered in 2012 or 2013.
The outlook horizon for issuers with investment-grade ratings is up to two years, and for issuers with speculative-grade ratings up to one year. The outlooks on the long-term ratings on Germany and Slovakia are stable.
We assigned recovery ratings of '4' to both Cyprus and Portugal, in accordance with our practice to assign recovery ratings to issuers rated in the speculative-grade category, indicating an expected recovery of 30%-50% should
a default occur in the future.
Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone. In our view, these stresses include: (1) tightening credit conditions, (2) an increase in risk premiums for a widening group of eurozone issuers, (3) a
simultaneous attempt to delever by governments and households, (4) weakening economic growth prospects, and (5) an open and prolonged dispute among European policymakers over the proper approach to address challenges.
The outcomes from the EU summit on Dec. 9, 2011, and subsequent statements from policymakers, lead us to believe that the agreement reached has not produced a breakthrough of sufficient size and scope to fully address the
eurozone's financial problems. In our opinion, the political agreement does not supply sufficient additional resources or operational flexibility to bolster European rescue operations, or extend enough support for those
eurozone sovereigns subjected to heightened market pressures.
We also believe that the agreement is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone. In our
view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the eurozone's core and the so-called "periphery". As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns about job security and disposable incomes, eroding national tax revenues.
Accordingly, in line with our published sovereign criteria, we have adjusted downward our political scores (one of the five key factors in our criteria) for those eurozone sovereigns we had previously scored in our two highest
categories. This reflects our view that the effectiveness, stability, and predictability of European policymaking and political institutions have not been as strong as we believe are called for by the severity of a broadening
and deepening financial crisis in the eurozone.
In our view, it is increasingly likely that refinancing costs for certain countries may remain elevated, that credit availability and economic growth may further decelerate, and that pressure on financing conditions may persist.
Accordingly, for those sovereigns we consider most at risk of an economic downturn and deteriorating funding conditions, for example due to their large cross-border financing needs, we have adjusted our external score downward.
On the other hand, we believe that eurozone monetary authorities have been instrumental in averting a collapse of market confidence. We see that the European Central Bank has successfully eased collateral requirements, allowing
an ever expanding pool of assets to be used as collateral for its funding operations, and has lowered the fixed rate to 1% on its main refinancing operation, an all-time low. Most importantly in our view, it has engaged in unprecedented repurchase operations for financial institutions, greatly relieving the near-term funding pressures for banks. Accordingly we did not adjust the initial monetary score on any of the 16 sovereigns under review.
Moreover, we affirmed the ratings on the seven eurozone sovereigns that we believe are likely to be more resilient in light of their relatively strong external positions and less leveraged public and private sectors. These credit
strengths remain robust enough, in our opinion, to neutralise the potential ratings impact from the lowering of our political score.
However, for those sovereigns with negative outlooks, we believe that downside risks persist and that a more adverse economic and financial environment could erode their relative strengths within the next year or two to a degree that in our view could warrant a further downward revision of their long-term ratings.
We believe that the main downside risks that could affect eurozone sovereigns to various degrees are related to the possibility of further significant fiscal deterioration as a consequence of a more recessionary macroeconomic
environment and/or vulnerabilities to further intensification and broadening of risk aversion among investors, jeopardizing funding access at sustainable
rates. A more severe financial and economic downturn than we currently envisage (see "Sovereign Risk Indicators", published Dec. 28, 2011) could also lead to rising stress levels in the European banking system, potentially
leading to additional fiscal costs for the sovereigns through various bank workout or recapitalization programs. Furthermore, we believe that there is a risk that reform fatigue could be mounting, especially in those countries that have experienced deep recessions and where growth prospects remain bleak, which could eventually lead us to the view that lower levels of predictability exist in policy orientation, and thus to a further downward adjustment of our political score.
Finally, while we currently assess the monetary authorities' response to the eurozone's financial problems as broadly adequate, our view could change as the crisis and the response to it evolves. If we lowered our initial monetary score for all eurozone sovereigns as a result, this could have negative consequences for the ratings on a number of countries.
In this context, we would note that the ratings on the eurozone sovereigns remain at comparatively high levels, with only three below investment grade (Portugal, Cyprus, and Greece). Historically, investment-grade-rated
sovereigns have experienced very low default rates. From 1975 to 2010, the 15-year cumulative default rate for sovereigns rated in investment grade was 1.02%, and 0.00% for sovereigns rated in the 'A' category or higher. During
this period, 97.78% of sovereigns rated 'AAA' at the beginning of the year retained their rating at the end of the year.
Following today's rating actions, Standard & Poor's will issue separate media releases concerning affected ratings on the funds, government-related entities, financial institutions, insurance companies, public finance, and
structured finance sectors in due course."
Standard & Poor's |
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Astrologia Lua Cheia (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 25 dia(s) 13/01 Pesquise 13 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2338.01 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 22 dia(s) 16/01 Pesquise 16 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia A agência Standard & Poor's reduz a nota do fundo de resgate europeu de 'AAA' para 'AA+' |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 22 dia(s) 16/01 Pesquise 16 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2361.56 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 21 dia(s) 17/01 Pesquise 17 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2396.62 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 21 dia(s) 17/01 Pesquise 17 de Janeiro/2012Pesquise o ano 2012  Política União Europeia Martin Schulz é eleito presidente do Parlamento Europeu |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 20 dia(s) 18/01 Pesquise 18 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2390.63 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 19 dia(s) 19/01 Pesquise 19 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2435.04 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 19 dia(s) 19/01 Pesquise 19 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia O presidente do Banco Central Europeu, Mario Draghi, manifesta confiança na melhora do euro em 2012. |
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Astrologia Lua Minguante (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 18 dia(s) 20/01 Pesquise 20 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2426.95 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 15 dia(s) 23/01 Pesquise 23 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2441.43 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 15 dia(s) 23/01 Pesquise 23 de Janeiro/2012Pesquise o ano 2012  Diplomacia União Europeia União Europeia impõe embargo petroleiro e sanções financeiras contra o Irã |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 14 dia(s) 24/01 Pesquise 24 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2432.07 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 13 dia(s) 25/01 Pesquise 25 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2421.12 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 12 dia(s) 26/01 Pesquise 26 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2460.39 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 11 dia(s) 27/01 Pesquise 27 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia A agência Fitch rebaixa ratings da Itália, Espanha, Bélgica, Eslovênia e Chipre. | "Fitch Ratings-London-27 January 2012: Fitch Ratings has today concluded its review of the six eurozone sovereigns it placed on Rating Watch Negative (RWN) on 16 December 2011.
The rating actions on the long-term (LT) and short-term (ST) Issuer Default Ratings (IDRs) are as follows:
-Belgium LT IDR downgraded to 'AA' from 'AA+'; Negative Outlook; ST IDR affirmed at 'F1+'
-Cyprus LT IDR downgraded to 'BBB-' from 'BBB'; Negative Outlook; ST IDR affirmed at 'F3'
-Ireland LT IDR affirmed at 'BBB+'; Negative Outlook; ST IDR affirmed at 'F2'
-Italy LT IDR downgraded to 'A-' from 'A+'; Negative Outlook; ST IDR downgraded to 'F2' from 'F1'
-Slovenia LT IDR downgraded to 'A' from 'AA-'; Negative Outlook; ST IDR downgraded to 'F1' from 'F1+'
- Spain LT IDR downgraded 'A' from 'AA-'; Negative Outlook; ST IDR downgraded to 'F1' from 'F1+'
All the ratings have been removed from RWN, with the Negative Outlook on all six countries indicating a slightly greater than 50% chance of a downgrade over a two-year time horizon. The eurozone 'AAA' country ceiling has been affirmed for all six sovereigns. All senior unsecured issues of the six countries are affirmed in line with the new rating levels above. The ratings of guaranteed issuance by National Asset Management Ltd. are affirmed at 'BBB+' and 'F2' in line with the Irish IDRs.
As outlined in its rating review press release of 16 December 2011, Fitch has now considered both systemic and country-specific factors for these six sovereigns. As a result, the agency has reduced the score it assigns to capture financing flexibility in its assessment of the credit profiles of eurozone sovereigns that have large fiscal financing needs and significant financial/economic imbalances.
Moreover, rising "home bias" in the allocation of capital, the divergence in monetary and credit conditions across the eurozone, and near-term economic outlook highlight the greater vulnerability to monetary as well as financing shocks faced by these sovereign governments. Consequently, these sovereigns do not, in Fitch's view, accrue the full benefits of the euro's reserve currency status. The net impact of this revision under Fitch's sovereign rating methodology is to lower the long-term ratings of the affected sovereigns by one notch.
This one-notch revision was applied to Belgium, Italy, Slovenia and Spain, but not to Cyprus and Ireland, where their loss of market access had already been demonstrated by their need for official/bilateral support and is already reflected in their low investment-grade ratings. The downgrade for Cyprus, and the additional one-notch cuts for Italy, Spain and Slovenia (ie a total of two notches for each) reflect country-specific concerns primarily related to the banking sector in Cyprus and Slovenia; an adverse shift in the interest-rate growth differential and hence public debt dynamics in Italy; and a significantly worsened fiscal and economic outlook in Spain. A more detailed rating rationale can be found in six separate country specific press releases also being published shortly.
Overall, today's rating actions balance the marked deterioration in the economic outlook with both the substantive policy initiatives at the national level to address macro-financial and fiscal imbalances, and the initial success of the ECB's three-year Long-Term Refinancing Operation in easing near-term sovereign and bank funding pressures. Nonetheless, the intensification of the eurozone crisis in the latter half of last year undermined the effectiveness of ECB monetary policy and highlighted the financing risks faced by eurozone sovereign governments in the absence of a credible financial firewall against contagion and self-fulfilling liquidity crises.
Fitch recognises the significant commitments made at the 9-10 December and previous EU Summits to enhance economic policy coordination so as to prevent a recurrence of the severe macro-financial imbalances that arose in the euro's first decade, as well as efforts to create a long-term framework for fiscal stability over the medium to long term. Fitch also anticipates that European leaders will make good on these commitments in the forthcoming 30 January summit. In addition, the decision to bring forward the creation of the European Stability Mechanism and increase the resources of the IMF, if implemented effectively, is a step towards enhancing the capacity of the eurozone to absorb adverse shocks, such as a disorderly Greek default, although such a shock is not the agency's expectation.
In Fitch's opinion, the eurozone crisis will only be resolved as and when there is broad economic recovery. It is evident that further substantial reforms of the governance of the eurozone will be required to secure economic and financial stability, including greater fiscal integration.
As previously noted, in the absence of greater clarity on the ultimate structure of a fundamentally reformed eurozone, the gradualist approach adopted by politicians to systemic reform will continue to be punctuated by episodes of severe financial volatility, entailing a significant economic and financial cost that erodes sovereign creditworthiness. It also means that a 'break-up' of the eurozone cannot be wholly discounted, although in Fitch's opinion the risk of such an outcome remains small. Fitch will continue to adopt a balanced and incremental approach to the rating of eurozone sovereign governments in recognition of the unprecedented nature of the systemic crisis and heightened uncertainty over the economic outlook for the region.
The Negative Outlooks on eight eurozone countries (the six sovereigns in this review along with 'AAA'-rated France and 'BB+'-rated Portugal) primarily reflect the risk that the crisis could intensify further. A deeper and more prolonged economic recession than currently anticipated would undermine political support for, and public acceptance of, fiscal austerity and structural reform. It would also have the potential to weaken the commitment of the economically and fiscally strongest eurozone countries, and the ECB, to providing necessary support to eurozone peers.
Fitch currently views that the sovereign credit profiles of the remaining eurozone sovereign governments (with the exception of 'CCC'-rated Greece, which has no Outlook assigned) continue to warrant Stable Outlooks, though each will be subject to active review through the course of the year. Fitch will consider on a country-by-country basis the extent to which the risks associated with the crisis, as well as the limitations on monetary and financial flexibility within the eurozone revealed by the crisis, may impact their long-term sovereign credit profiles."
Fitch Ratings |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 11 dia(s) 27/01 Pesquise 27 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2436.62 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Nova (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 8 dia(s) 30/01 Pesquise 30 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2404.62 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 7 dia(s) 31/01 Pesquise 31 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Comissão Europeia rejeita proposta de fusão de bolsas |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 7 dia(s) 31/01 Pesquise 31 de Janeiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2416.65 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 7 dia(s) 01/02 Pesquise 01 de Fevereiro/2012Pesquise o ano 2012  Economia União Europeia Euro Stoxx 50 (EUR ^STOXX50E) = 2470.79 + 6,613 eventos de Euro Stoxx 50 (EUR ^STOXX50E) |
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Astrologia Lua Crescente (Clique para ver +) Tempo decorrido : 13 ano(s) 8 mes(es) 6 dia(s) 02/02 Pesquise 02 de Fevereiro/2012Pesquise o ano 2012  Economia União Europeia Assinado o novo Tratado que cria o Mecanismo Europeu de Estabilidade (MEE) + 3,566 eventos de Tratado |
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