Investors have been wary this year of India's seeming inability to push through important economic overhauls, for example.
The agency expects European fossil fuel production to halve between 2010 and 2050, and predicts costly overhauls for ageing and high-polluting energy infrastructure.
The budget vote was regarded as a test of confidence in Greece's shaky coalition after a vote last week on a 17 billion euro package of austerity measures and fiscal overhauls for the next four years.
Though its main elements were already known, Deutsche Bank's planned combination with Dresdner Bank is one of the most far-reaching overhauls for Germany's huge banks since the end of World War II.
One optimistic line of thought is that the debt morass could lead to financial overhauls, for example by leading to the development of a municipal bond market to give the local authorities an alternative financing source.
Development is driven by the increasing availability of gaseous fuels, the much lower level of noxious exhaust emissions associated with such fuels, reduced engine maintenance and longer intervals between overhauls for power plants.
