German Chancellor Angela Merkel again criticizing calls for the issuance of euro-bonds and a credit rating downgrade for Portugal by Fitch Ratings damaged sentiment, while Hungary was also issued with a debt-rating cut late Thursday.

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Germany also won the gold medal in the women's 500m Kayak fours from Hungary in silver and Australia in bronze, while Belarus won gold in the men's 1000m Kayak fours .

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While this fact may only just have dawned on the citizens of Hungary's young democracy, CNN's European Political Editor Robin Oakley insists their feeling of betrayal may not be entirely misplaced.

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