The Egyptian people have been told that there was a transition of authority, but it is not yet clear that this transition is immediate, meaningful or sufficient.

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To return to Moody's for a second, it is difficult to see Germany retaining its AAA rating in the immediate aftermath of a eurozone breakup or in the transition phase to a United States of Europe - though it might well get the AAA back in both cases, in time.

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But Lula's only immediate appointment was to put Antonio Palocci in charge of his transition team.

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