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Standard and Poor's decision comes as France's economic tensions rise and unemployment remains at around 11 percent.
Bankia shares fall more than 13 per cent as Spain's borrowing risk premium reaches euro-era high.
Exit polls show New Democracy and PASOK, parties which pushed for austerity measures, suffered major losses in ballot.
Two main parties expected to be punished in parliamentary poll amid widespread anger over continuing economic crisis.
European Central Bank urges eurozone governments to match growth strategy with fiscal discipline.
Protests expected in Spanish city in the absence of hopes of any support mechanisms emerging from the meeting.
Featured on Al Jazeera
As Western stars re-release 1980s charity hit, many Africans say it's a demeaning relic that can do more harm than good.
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Tokyo government claims its homeless population has hit a record low, but analysts - and the homeless - beg to differ.
3D printers can cheaply construct homes and could soon be deployed to help victims of catastrophe rebuild their lives.
 
 
 
 
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