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The temporary rescue fund is to be replaced by a permanent,
euro500 billion European Stability Mechanism when it's up and running
-- which won't be before September. European leaders agreed at a summit last month that the ESM will eventually be able to funnel money directly to distressed banks
-- rather than governments -- once an effective European banking supervisor is set up. The German government downplayed Moody's decision to lower its outlook on Germany's debt rating. It said the risks cited by Moody's weren't new and were largely based on a short-term assessment. Germany "remains in a very solid economic and financial situation," the German finance ministry said.
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